The Sony Hack project is still in a very early stage of development but I hope they can achieve some of the goals met by the guys from Magic Lantern. With the latest update they were able to add two amazing new features on the 5DmarkIII:
1) By exploiting unused dual ISO amplifiers on a sensor chip in the Canon 5D Mark III and 7D, new firmware allows you to record lighter parts of a scene at ISO 100 and darker portions at ISO 1600.
2) RAW video recording has been added.
Full details about the ML project can be read add magiclantern.fm. I hope Sony will take notice of these advancements. RAW video recording is one of the feature they could push into the next generation cameras.