EDIT: The pic that was previously posted, was a screenshot from the Canon 1Dmkiv menu, not the 5dmkii. But, in the video, the Canon rep seems to say that 720p/60p is one of the inclusions of the 5d mkii firmware. (along with 24p) Hopefully someone from Canon will put out a clear indication or post about exactly what features we can expect on the 5D mkii on this upcoming firmware update.
In the video, a couple of Canon reps talk about 24p & (720) 60p coming to the Canon 5D Mkii via a firmware update, slated for the first half of the new year.
They also talk about how the video aspect of the 5D mkii came about, how the video side of Canon jumped in to help the DSLR dept. and a few other things.
“Don’t worry 25p and 720p 50p are there, you just need to select PAL instead of NTSC in the menu system to have those options.” – Philip Bloom
Source: Philip Bloom