Just judging purely from the knowledge that the 5D Mk. III's raw files are on par with the GH2 in sharpness, I'd venture to guess that yes, you'd probably get an image about as good as the regular H.264 compressed one, and with all the other advantages of the raw. That's for 720p, of course. I wouldn't necessarily expect the same from 960x480, no matter how sharp it is.
To answer your question about the codec, I'd say "no". The raw footage recorded from these cameras right now is not in a codec of any kind; the video is in a completely uncompressed, unprocessed ".RAW" file for