Thank you for such an in depth reply it definitely cleared up a few questions! very much appreciated. In all honesty, I don't think I'll ever use the HDMI recording method, not to say it isn't any good but it just isn't something I would find useful. I never really used the EOS desktop software for the same reason.
All in all I know that upgrading to a GH2 will be minimal difference but I just strongly believe that after the hack it does prove significantly sharper video than the 550D does, espeically considering I wouldn't have to spend a penny to get the GH2 as I could sell my 550D and just use that money to buy the GH2. I cannot think of any other camera's that provide that quality within my budget other than the Sony VG20 but that is a lot more money.
Once again I'd just like to say thanks for all the input it definitely helped. Do you have any other ideas or options possible?