After spending most of the morning sifting through the Magic Lantern forums, I’ve figured out how to install Magic Lantern on my Canon 5D Mark II (note that it is the II, not the III). As far as I know, the process is identical for all three cameras.
1) Make sure you have the up-to-date official firmware on your camera (2.1.2 for the 5D2 available here).
3) Download the latest Magic Lantern complete module for your camera model from here.
4) Unzip the Magic Lantern file. Copy ONLY the “5D2-212.fir” file to the root directory of the CF card. Do NOT put it in the camera yet.
5) Download the latest RAW build from here.
6) Unzip that build file. You’ll see an “autoexec.bin” file and an “ML” folder. Copy BOTH to the root directory of the CF card. The CF card root directory should like like this.
7) Now, put the CF card in the camera, and run the “Firmware Update” again. Follow the onscreen instructions. If all goes well, you’ll eventually see a screen with green text saying that you can restart your camera now. Go ahead and turn it off, and then back on.
8) Now, press the button on the camera that has the trash can icon on it. This will open up the Magic Lantern interface. Pretty impressive, eh?
9) Scroll all the way to the right to the “M” tab, and click “Load modules now.” You’ll see “raw_rec” pop up at the bottom.
10) Now scroll back to the video camera tab, and click on “RAW video.”
11) Turn Live View on, to enable the rest of the functions. Set the width and height to your desired resolution (your maximum resolution will depend on the camera model and speed of your CF card).
12) Click on “Start.” You’re now recording!
13) When you’re ready to stop recording, click the trash can button again to see the menu, and click on “Start.”
That’s it! Now you have a RAW video file on your Canon DSLR. You’ll need to repeat this process with each CF card that you want to use with Magic Lantern.
14) Once you’re done shooting, you’ll need the “Raw2DNG” app to convert the RAW files to DNG files (which are actually a sequence of still images). Here is the app for Mac, and here is the app for Windows.
15) The DNG files can be imported into either Photoshop (where you can adjust the RAW settings, and then export an image sequence which can be imported into your editing software of choice) or After Effects, where you can work on the files directly and – if you wish – export them as ProRes for use in other programs. If you import the sequence into your editing software, be sure to set Preferences -> General -> Still Frame Duration: 1 Frame
NOTE: There are a number of “gotchas” right now. I spent the whole morning carefully shooting scenics, only to get an error message from Raw2DNG that meant that none of the files could be used. D’oh! Since then, the developers have fixed that bug (but others may crop up). Also, the faster your card, the better your results. My SanDisk Extreme 60 MB/s cards were only borderline successful (lots of dropped frames), but my Lexar 1000x cards worked perfectly.