As of today Canon ads another DSLR to their already wide lineup. The 550D adds another punch in the mega pixel race boosting a total of 18mpix at 3.7 frames per second.
Another thing inevitable today is video and certainly the 550D fulfill the task here. Up to 1080P and smaller with a variety of frame rates is selectable.
The Canon EOS 550D gets the 63-point metering system from the Canon EOS 7D.
Read all about it HERE

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I am wondering about Canon’s strategy of developing a supreme model (e.g., the 7D) and then coming up with a (from a feature perspective) comparable but much cheaper model (e.g., the 550D). Sure, the 7D has a lot of more interesting features like the 19 cross-sensors,
I believe they are cameras for two completely different segments. The 7D, while has automatic mode, features a much more advanced and superior focus module and shoots bursts much quicker.
The handling is also day and night between the two.