The 550D is amazing.
"Canon's older EOS 500D / Rebel T1i is expected to sell alongside the new EOS 550D / T2i as a more affordable option between it and the entry-level EOS 1000D / XS – as such, the 500D / T1i effectively replaces the ageing 450D / XSi. Externally, both the EOS 500D / T1i and the new 550D / T2i look virtually identical, with the same size, weight, and similar styling, not to mention the same viewfinder, AF system and ISO range, but within there's a number of key differences.
Most obviously the EOS 550D / T2i sports 18 Megapixels to 15.1 on the 500D / T1i; at 300 dpi, these images can be reproduced at up to 17.3x11.5in, compared to 15.8x10.5in on the older model. Both models can record HD video, but the 550D / T2i offers a wider choice of frame rates: the older 500D / T1i offered HD at either 720p in 30fps or 1080p in 20fps, whereas the new 550D / T2i offers 720p at 50 or 60fps or 1080p at 24, 25 or 30fps. The older model would only shoot video in fully automatic with audio recorded by a built-in microphone, whereas the new model additionally offers manual exposure controls and an external microphone input.
Both cameras feature 3in high resolution screens, but the 550D / T2i's sports a wider 3:2 aspect ratio which matches the shape of the images, allowing them to fill the screen in Live View or playback; HD movies also fill more of the screen than before.
Beyond the sensor resolution, screen and movie options, the 550D / T2i features a much more sophisticated metering system, support for SDXC and Eye-Fi memory cards along with CEC on the HDMI port for control with a compatible TV remote, and slightly quicker continuous shooting (3.7fps vs 3.5fps).
Overall, this represents a decent upgrade over the 500D / T1i, especially at a launch price that was only around 15% higher at the time of writing. But as news of the new model spreads, prices on the older one are bound to fall, and unless you really want the variable frame rates, smooth 1080p video, manual movie exposures and external microphone input, the older 500D / T1i remains a great camera. Keep an eye on prices as you may find a bargain. See our Canon EOS 500D / T1i review for more details. "
Taken from:
http://www.cameralabs.com/reviews/Canon_EOS_550D_Rebel_T2i/verdict.shtml
The movie mode is pretty good being that it can film at 1080p.
You'll need to make sure where you are filming is well lit, or you have a dedicated light source, or a fast lens, because it increases the ISO speed to match the scene, and the flash cannot be used as a light.
For example, in a mildly dark room, it may set the ISO to 3200 which can appear slightly noisy. Its not as bad as a photo took at this ISO because 1080p is a lot smaller, but the noise is there.
You can set the ISO manually, but the automatic setting is usually right, as any ISO's smaller, results in a dark image to what it sets.
I would use a dedicated 3.5mm microphone as well, as last night I recorded my dad playing the guitar this way, and it worked wonders.
I set the camera to auto-focus, so that even when I zoomed, it kept everything in focus, and this creates a bit of noise that will be picked up on the internal mic.
It'll never beat a dedicated camcorder with speed/efficiency, but the fact you can use different lenses, and achieve a depth of field a budget camcorder couldn't achieve, it's worth it.
It almost makes you want to create short films, even with supposed boring subjects to make use of it.
I'll try and make a short film using manual focus, and upload it on Youtube. It'll give me something to do. I'll take the camera with me today to Parkour as well, so you'll be able to see how well it takes videos/images of fast moving subjects.
EXTRA NOTES:
I've got to admit, I was hard pushed between Canon and Nikon. Even now, I'm wondering whether I made the right choice choosing Canon as a system. Only because when I think of myself, Nikon seems to match better with my personality, and I have no idea how that reasoning has come about, but that said, my camera produces quality images which I'm happy with, and the 550D has the features I want at this present time.