Surely something like a Sony A35 which offers proper full time AF during video and stabilisation on all lenses would be more suitable?
I've tried shooting video on a 550d and the AF was nigh on useless for anything that moves faster than erosion and so it was manual focus only and thats very dependant on the operator being of some use (which I'm not)
You can get a Pansonic SD90 for almost £300 new if you use Panasonic's £50 rebate on offer at the moment (only on cameras bought up to the 14th). That's probably your best bet for an actual video camera.
I had one of this camcorders, and recently sold my SD90. Instead i bought Nikon D7000 camera, and that one much better.