One of the boons of dual card slots on the 5d3 -
From ML's website
"Since the 5D mark III has two card slots, we recommend running Magic Lantern from a small SD card that stays in the camera. All recording can take place on CF cards. The CF cards don’t have to be bootable or prepared in any way, and you can freely swap and format them without problems."
Can't wait till full version is good to go. Also great news that they've finally cracked dual digic models, makes the 7d even more useful.
It depends on which camera you have, but there are some photography modes. The makers are more focused on the video features since that is why it started. There is a separate ML menu that is made accessible. You download it and put it on your SD card and follow the instructions.http://wiki.magiclantern.fm/userguide
Check out the link above for what it can do.