I was involved in camera tests of the 450 for a film I focus pulled on recently. Both myself and the DOP, who came from an extensive film background, agreed that the motion in the 450's '25PsF' mode was not smooth. It almost looked like out of phase fields do when shooting interlaced. I have a feeling it is not true progressive at at all.
The reason video uses shutter speed in fractions of a second is because, unlike film, video does not use a physical shutter. Shutter speed in video relates to the electronic timing of the CCDs, which is always physically 'exposed', so it would not be correct to refer to video shutter speed in degrees. Some of the new Panasonics have a menu option that will display data such as shutter speed in cine equivalents though.
Daniel