Installing the CIneStyle profile on your DSLR will allow you to unlock a lot more potential from your camera and provide a more production value to you projects. With CineStyle, you can create a unique feel to your films that match the style and color of more expensive cameras and processes. You will also be able to shoot with better dynamic range in bad lighting situations. This profile also allows you to capture shoots that can be easily color graded to match different cinematic styles. You will now be able to seamlessly intercut with footage from much nicer cameras.
I tested it out for my first time this past weekend and was really impressed with how it turned out. The color profile allows the camera to shoot a flat image that is much easier to color grade and correct in AE6, Magic Bullet or whatever system you prefer. Beware the ISO is very sensitive you will notice some shots in the test footage are too white on Dani's face from just a small ISO increment. Something that I'm really stoked about is that it can be cut in and look so much better with the Sony FS-700 which will really add to Rank's production value.
I recommend using this 100% and it can run with Magic Lantern no sweat so don't be worried. Practice makes perfect on this profile. So, I'm just going to keep shooting with it and fine tune my colorist skills.