Replying to HDSLR Video making vs 'real' videocamera's

Hello'a there!

I have a pretty simple question. With the introduction of HDSLR's, I see a lot of edits made with camera's that look absolutely stunning. I saw some longboarder doing something very simple shot with a 7D and it looked sooo neat, it wasn't even cool anymore. Same for Ian Provo's pow-edits shot with a 5D, that look unreal too.

It isn't even because I shoot alot or something, but mostly out of curiosity: is it worth it to even buy a camcorder anymore if you can make the most beautiful video's with a 'photo'-camera?
Or are video's shot with a T2i(or 550D as we call 'em here in EU) much worse and are only vids shot with super-expensive high-end cams awesome? And, in that case, are you better of buying a simple handycam

Regards