I must admit, I'm quite behind the times when it comes to Magic Lantern. I installed it on my XTi years ago to enable a few enhancement (like multiple focus groups). However, there's been a ton of work done on the software. I recently started looking into it again, and I've loaded it on my 50D, and now I have things like:
-1080p video (albeit, no sound)
-Extended range Kelvin white balance
-Extended shot bracketing (up to 9 shots)
-An in-camera intervalometer
And, as of today's release, HDR video. The camera records two streams of video (one over exposed, one under exposed) and it's up to the user to combine them in post (but tutorials are on the way, I think). The HDR sample video they did looked quite good.
It's certainly worth looking into if you have one of the supported camera models. You can read more about Magic Lantern here.