So Canon has decided to go with MPEG-2 as opposed to AVCHD. And this MPEG-2 is not your 4:2:0 HDV kind of sub-sampling but 4:2:2 just like Pro HD formats. And its full raster 1920x1080, not 1440x1080 as in HDV. This new format will compete directly with XDCamEx which is also full raster, but at 35 Mbps.
The file format will be MXF based, so that's straight away SMPTE approved.