Canon also used the opportunity to send a quick jab to Nikon when talking about H.264: This is an ideal file type for video capture in an SLR camera, delivering relatively compact file sizes with image quality noticably superior to alternate video compressions (such as Motion JPEG).
From what I have been able to gather from the various screenshots, there is not much new. On the contrary, some of the wished for features (lens & exposure metadata) are not present.
As I predicted, the sentence ‘start editing right form the CF card‘ wasnt really true. The plugin converts the clips to ProRes (you can pick any variations) before you can do anything with them. Canon talks about a 3x speed gain over the standard Compressor transcoding. That is nice but that is about the same thing you can get by using MPEGstream clip. Actually, I wonder if that is what they are using under the hood!
For who is this for?
Log and transfer is a workflow tool. It is near useless for 95% of the 5D users, but, for those who are going to use it, it is incredibly useful at helping them to organize their files and automating their backup strategy. Oh, there is also that Timecode thing that would be so useful if there was an easy way to synchronize the date/time on multiple camera at once.
While there is no harm in installing the plugin once it is available (March), unless you are shooting against a script, the organizing features of the plugin will be overkill.
BTW, thanks to David Guset for the link to the Canon page.