Canon is talking about the new MPEG-2 full HD file-based recording codec that it will be using in a pro video camera that it is currently working on. The new codec will also the camera to record 1920 x 1080 full HD video using 4:2:2 color sampling.
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Other camera standards like HDV use 4:2:0 profiles that don't allow as much colors reproduction as the new Canon format. The new format will also allow a maximum data volume of 50Mbps, which is twice the data volume of HDV.
Canon reports that to promote the adoption of the new format it is working with Adobe, Apple, Avid, and Grass Valley to ensure the format is compatible with industry leading editing and processing applications. The file-based system allows recordings to be handled just like any other computer file.