Having now had the Canon 550D and Canon 5D Mark II for several months I thought it appropriate to be able to give a comparison between them.
Apart from the worse high ISO performance on the Canon 550D the main frustration is selecting the video mode. Considering the Canon 5D2 was the first Canon to feature video recording they have actually made a far better job of the feature than on the 550D. It is very frustrating to have to turn the selection dial all the way to video when switching between taking stills and video. At least on the Canon 5DII all you need to do is press the Live View button to move into recording mode which is far quicker and simpler.