This is a quick 3 minute walkthrough of installing the latest (October 2011) version of Magic Lantern for Canon DSLRs. Magic Lantern has just gotten easier!
With these more recent versions you DO NOT have to go through the process of making cards bootable, because what you place on the card does that for you now. This makes it super easy for anyone with a card reader to install and benefit from. This unified build works on the Canon 50d, 60d, 550d (shown in the video, aka T2i), and 600d. The 5d mkII also has a build, but it is different from the one shown in this video.
To learn more and watch the quick video, follow this link.