I think the T2i footage is generally better as well, although I don't like how the auto white balance adds too much red sometimes. If I use the T2i for wide-angle video from now on, I can use the HF-M40 (with the fish-eye lens removed) on the same dive for macro.
The LED light was made from a few Luxeon Rebel Tri-Star chips wired together on an aluminum heat sink, using resistors to regulate the current. High-powered LEDs are so hot that the solder would melt in seconds without the heat sink (The first time I tried testing it without the heat sink, the circuit melted and fell apart in about 2 seconds. I burned my fingers trying to pick up one of the tiny fallen leds). I put the final setup in an old Ikelite flash housing. The cord goes to my video housing, where I put a sealed lead-acid 12v battery and an on/off switch operated by a control rod. It's definitely not pretty. I have some brighter leds and current-regulating circuitry on order to make a much brighter light.