To solve some of these issues, Technicolor and Canon have teamed up to release a custom Picture Style designed to increase the dynamic range of the images produced by the Canon HDSLRs. Loading the Technicolor CineStyle profile replaces the standard REC709 profile with a log color space for maximum latitude.
When you load the Picture Style with Canon's EOS utility software, you can see that it adds the "CineStyle" profile to the standard drop down list.
I've included some sample images of the Canon "Standard" and "Neutral" styles compared to the Technicolor CineStyle.
Canon Standard
Canon Neutral
Technicolor CineStyle
While the Technicolor CineStyle appears flat and washed out, the low contrast image provides a true, neutral starting point for your colorist.
Technicolor has also released an S-curve LUT (Look Up Table) for Apple Color and Magic Bullet LUT Buddy. Both the Picture Style and S-curve LUT are available from Technicolor's website here.