Additionally Atomos has only HDMI in and they dont recommend using DSLRs for recording. The Blackmagic Hyperdeck has “loop through” through HDMI out and SDI out both working simultaneously, although they haven’t mentioned in the specs for HDMI loop through, But i think it should work. For the price comparison and pro and cons check this link: http://www.nanofunk.net/raw-video-for-dslr-with-magic-lantern-and-black-magic-hyperdeck-shuttle-vs-atomos-ninja-5d-mkii-550d-rebels/
Im still trying to figure out which is the cheaper option all around. The Canon DSLR's HDMI outputs only 4:2:0 8-bit uncompressed HDMI. (Not clean signal, with Magic Lantern. Yes.) Another thing if anyone is wondering HDMI, by design, does not carry timecode. It was never designed for that. More research yet to be done....Any views...?

According to magic Lantern "http://magiclantern.wikia.com/wiki/HDMI_Output" The HDMI output from the Canon HDMI is limited to 1620x1080 (3:2) while the camera is not recording, thats why you get black bars on left and right, my idea was to use the Marshall monitor which fixes the output ratio and take that output from Marshall Monitor to Hyperdeck or Atomos. Marshall Monitor has a feature to fix ratio from HDMI signals in Canon, also available in SmallHD range of monitors but they have a SDI loop through version. So still i dont know whether this will work cause i dont have these monitors, actually considering to buy once all the doubts are cleared...

Oh... the output is sent "the same signal" as what is coming from the camera through Loop-through in which the ratio is not the fixed..In other words i should be looking for the monitors' out(fixed ratio) which should not be a loop through....Oh Darn..:) Thanks Gabel for clearing it out..well i guess i should keep finding someother way....Let me find out...

I think that for today's standard the actual Canon line is a dead end for a video centric dslr use. Nothing has changed from the 5d days and now it shows. They have the lowest resolution, worst moire/aliasing, monitoring, etc. etc. and the list goes on. On September 2011 the best solution is either the gh2 or the new Sony line. My favorite is the gh2, for now nothing beats it in terms of resolution, aliasing/moire etc etc With the hack you can get even better result approaching full uncompressed hdmi signal. It seems that Vitaliy is working on hacking the hdmi. If you want the full S35 size sensor then the new Sony line (Nex-5n for now) is a better choice than the Canon, again better resolution, less moire/aliasing etc. It has some innovation also as it has peaking, great OVF for monitoring. The rolling shutter also seems to be better.

In the end it seems that it is better to invest in all of the supporting gear today. That is supporting rig, monitor, follow focus etc. For lens you can buy some Canon fd if you are staying into the small sensor camera. If you want to invest eventually into the full frame one, you can either invest into a set of vintage Nikon primes. For new you can buy a set of Samyang lenses which start from the 7,14,24,35 and 85mm lens for quality and affordability (No 50mm for now but you have lots of other choices at this focal lenght and beyond 85mm from other manufacturers). Now in one month Canon could release a 5dmark 3 with much better specification like 422, 10 bit, etc. that could put it back in contention. But don't fool yourself, for now Canon which was the standard is clearly behind.

p.s I am think that you have not bought any camera yet, because you speculate about the different Canon's. Another good thing is that the gh2 body is about $ 900 and the Sony about $ 600. So tomorrow should you could sell them for easily with less than $ 200 loss if something much better comes out from Canon.

@Gabel
yeah your right same in post, but wouldnt it be better to use a hardware scaler/converter to upscale the input and then record? Anyways i found some info about The Blackmagics Hyperdeck, it uses an HDMI specs of 1.3 which might not work with the T2i or any other Canon DSLR's HDMI output...thats what i heard Can you confirm...Still could'nt find a hyperdeck user with a Canon T2i. In my opinion if i were to select i would lean towards Atomos considering the space and realibility issues. The TV logic monitor VFM-056WP has a built in converter which fixes DSLR ratio and converts the signal to an SDI but only to 720p. If you come across any solution to record uncompressed signal let me know..