P&S have done video for many years. The Nikon D90 was the first DSLR to do video, but then came the 5D MK II and upset the apple cart. Since then, every DSLR has video and all are limited to 30 minutes at the most, thanks to the European Union and their tax schemes that heavily penalize any HD Video that is longer.
Well, the 50D was the latest-released model to not have any sort of video, but you could always make the argument that the 1Ds mk3 was the last current-model-to-be-replaced without video...
Since then, every DSLR has video and all are limited to 30 minutes at the most, thanks to the European Union and their tax schemes that heavily penalize any HD Video that is longer.
The Canon T4i will automatically start a new file and continue shooting at the end of the 29:30. I would assume that, going forward, all Canon cameras will have this feature, so that the 30 minute limit isn't much of an issue.
It also has a sensor heat warning, before it gets so hot that it has to shut down.