As a video guy, I want to 5D to be SPLIT into 2 cameras with one that is optimized for video. One of the main reasons for the 5D2 huge success was video, and Canon knows that. It's very obvious from Canonrumors.com, that you cannot make both camps happy with one camera.
Personally, after using the DSLRs I now prefer the form factor over traditional video cameras. The DSLRs are small and so easy to use and are great for stealth shots. Going back to a bulky camcorder would be a real drag.
But I would be happy if they release a Video Camera also (full frame preferably). Or just an entirely new video oriented DSLR.
I hope Canon does something quick in the video department. They are seriously falling behind Sony and Panasonic, and with Nikon set to release some new cameras, Canon is looking really dated. Sony especially, is really tempting lately and once people switch it's hard to go back, so Canon needs to act SOONER than later. The only thing Canon video has going for it at this moment are the lenses. The bodies are basically a relic from another era at this point.
DP Philip Bloom wrote a great article on the need for Canon to act NOW, or risk losing serious market share in the video world because so much is starting to happen in that arena. A good read.http://philipbloom.net/2011/07/21/the-state-of-play/
5D3 with video by next summer will be too late for a lot of people who will have switched to Sony or Panny by then.
In terms of video, I really agree with what LetTheRightLensIn said above. Canon management is really fumbling it just looks like they are dragging their feet when they need to make forward looking, decisive decision instead of the half-ass measures they been doing the last few years, mostly in regards to video. I'm sure they are the biggest camera company in the world, but that's only because they have the biggest name which they are living off of. Their Camera Bodies certainly are NO longer the best. for either stills or video.