Nino Leitner of Ninofilm.net has shot a nice short video using a pre-production Canon 550D (or Rebel T2i in US). According to him, it has similar (if not same) video settings as Canon 7D. In fact, he mentions that it has very similar video quality as compared to a Canon 7D. I think it is better to show you the short film that he had done using this Canon 550D.
Here is the video.
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(source)