(Click link for full announcement via Digital Photography School)
Canon just announced the 550D which seems to contain the same sensor as the Canon EOS 7D and the same filming options (24, 25, and 30 frames per second for 1080p. 50 or 60 frames per second for 720p). It loses a processor (down from 2) and reduced continuous shooting from the 7D but will come at a lower price point.
I think it’s great if you wanted the video options of the 7D but weren’t terribly comfortable with the initial price.