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Here are probably the final specs : http://www.canonrumors.com/2012/07/canon-eos-m-specs/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+canonrumors%2Frss+%28Canon+Rumors%29&utm_content=FaceBook. Nothing to see for a serious or enthusiast videographer here... Same sensor as always, same codec as always, same issues as always ( probably moire and jello ), no 1080p 50 as always, Canon's same goodies... Nothing improved over the EOS DSLR in video mode. Seems like Canon is following now, let's wait for Panasonic and Sony to blow our mind with their next models. I'm pretty sure the GH3 will be THE real indie cinema camera... So disapointed about Canon...

This will definitely suck in video mode!

I really think you are attributing far too much to the look of film. I can put life into a $700 digicam. The right light and the right lenses, the right grading and the right sensitivity of handling in post is all you need. Film has a nice grain and latitude. The mythology of a cinematic image is not just in film like grain and latitude, it is in so many other aspects of the camera, lens, light, location, actors, costumes and most importantly cinematographer.