So Canon recently teamed up with the industry renowned motion-picture colour specialist Technicolor to create a 'picture style' that could provide a proper Log signal from the Canon DSLR's.

A Log signal is a signal normally only achievable from expensive cine cameras, and it's advantages over the standard Rec709 signal is greatly improved latitude leaving much more information in the shadows and highlights. The image is much flatter, which for colour-correction comes in very handy! This brings the Canon footage much closer to the cinema standard look. Plus, it's FREE!

Here's my quick test I shot today (with link to download):