Color me surprised by this news! I had my doubts about that the Magic Lantern folks would be able to get continuous RAW recording out of the 5DIII, but that appears to be exactly what they now have. From nofilmschool:
Some people working with ML were confident we could get RAW video at usable frame rates (since they were only getting 5-15fps at best) with these images at some point as long as the cards were fast enough, and now that has become a reality: the Canon 5D Mark III is a RAW-shooting video camera.If this becomes a stable hack, I'm most definitely on board and will install it as soon as possible on my 5DIII.
UPDATE_1.0: According to Andrew at EOSHD, it looks like the 5DIII is now going to be an extremely competitive RAW recording camera option, with no thanks whatsoever to Canon. It does beg the question, if they've had this capability built into their cameras since 2008 (assuming the 5DII can do this as well) why haven't they delivered something more impressive to market?