At cameratown.com they compared the new Canon 550D (Rebel T2i) with the 7D and concluded that, for video purposes, they’re equally good.
If the main reason you were considering the EOS 7D was for the great video capabilities of the camera and not for the photographic features, then I would definitely recommend that you to consider the Rebel T2i as an alternative. The extra $900 spent on the 7D will not give you any real noticeable benefit with regard to video quality, at least at the ISO settings you’re likely to use (up to ISO 1600). Virtually all of the advanced capabilities of the 7D center around its photographic capabilities (AF performance and frame rates) and not its video differences.
As the ability to record Full HD video becomes increasingly important, Canon continues to deliver DSLR technology that sets the industry benchmark for multimedia functionality. The EOS 550D records video in full 1920x1080p HD resolution, allowing photographers to select the frame rate preferred from 30, 25 and 24fps, as well as offering 720p video at 60 and 50fps. The EOS 550D also includes a 3.5mm stereo microphone socket, enabling the use of an external microphone when capturing video.
So the 550D, aka the “T2i” in the US, gives us pretty much the same HD movie capability (including the much desired 1080p24 mode) as the 7D.
Now when will Canon introduce the movie options in the 40D/50D range?