Right now I have a 450D and I'm feeling the low light limitations, nothing over ISO800 is usable, and been kind of wanting video support. So for a while I've been eyeing the 7D... then came along news of the 550D
It looks to me like the 550D (from all the pre-release reviews, specs, etc) that the 550D is simply a baby 7D packing all it's features (minus weather sealing, build quality, faster fps), all for less than $1000 price of the 7D. The size difference can be fixed with a grip.
(I do photography as a hobby, so I am not sure the features I get on a 7D over a 550D are worth $1000)
Or Have I missed something else that's important between these two?
Quick references
Side by Side 550D vs 7D 550D Preview