I began shooting ML raw this year and I will find it very hard to go back to anything else. Raw looks miles better than anything the 5D normally produces. If image is all you care about, then by all means shoot raw over H.264--Raw black and white is absolutely gorgeous. Here are my cons:
- Workflow. It took a hours of experimenting and digging through open source code to nail a workflow. Workflow is tough even compared to Blackmagic raw. Now that I know how to do it, converting proxies and color roundtripping is fairly easy, but converting footage takes a long time.
- File size. 83 MB/s. If you convert to lossless DNG using Adobe DNG Converter, you can cut file size of the Raw footage in half, but again, conversion takes time. Also, Premiere will not open the DNG files made by Adobe DNG Converter (odd, huh?) though Resolve will
- Dropped frames, pink frames. Lots of ways to glitch out. Only way I can get continuous recording with no pink frames is to turn off global draw, which means I see the screen in 3:2 aspect ratio, which sucks. External monitor helps.
- Lots of changing CF cards. We could only afford 2 x 32GB cards, so we get <8 minutes per card.
- Converting. I know I mentioned this, but it takes hours to generate proxies and DNG sequences from a few minutes of footage, and I have an Intel i7.
- Features you don't know exist. There's a ton of stuff in ML and every now and then I turn something off or on which looks good until I find it screwed up something else.
So it's a lot of work, and you'll be fine with a normal 5D projected in a theater, but honestly I highly recommend ML raw.