It definitely sounds good, with great options. Does it work only in Live view or in normal mode as well? I recon it eats quite your batteries in Live view?
No impact on battery consumption. Operates in all modes as applicable - you use the LCD navigate & set menu items. I did shoot the cloud TL not in live mode and with image review turned off. I did change exposure settings during the sequence.
I was about to try CHDK on my Canon Point and Shoot, but haven't done it yet. I reckon it has pretty much the same possibilities as MagicLantern. I would say dive into that bulb ramping exposure stuff and let us know about it

I was about to try CHDK on my Canon Point and Shoot, but haven't done it yet.
Planning is definitely the key word in a full time lapse video. The latest Idea I had was to capture sunrise to sunset in my town. Start with sunrise, moving traffic, perhaps a few special buildings and end with a sunset or a moon or something. However it's easier to write down than actually doing it
I'm looking forward as well. If you get the chance, please post your video here

You can very easily embed a youtube video with the " Insert Video" button.
http://youtu.be/dd0_PPQIQQg
Haha sorry for the wrong impression. I do like the shots I have. Otherwise they were trash already

It's just that I'm looking very technically now and especially at things I like to do differently next time. At the same time thinking about how I could do that.
In the compilation video there are a number of small fragments. In the other 2 videos the lack of camera movement is less noticeable, because there's plenty of things going on. At least I think so. What do you think?