Well, as compared to previous equipment that could do the same thing.
Having had my 5D Mk II for a few days now, I can also add that it is far from an easy to use camcorder. The video function is an addition to the stills and is full of nasty little frustrating issues. I won't go into them here, it does produce some truly stunning video but it's for serious users only at this point.
There are a few simple changes Canon can (will?) make to turn it into something more mainstream, but this is a stills camera first and video second. Having said that the whole reason I have it is for the video, but I'm not planning on using it for shooting holiday videos.
Cheers
Cris.