This'll get a reaction!

Okay, I've got a Canon 550D. I'm thinking of buying a Black Magic Hyperdeck Shuttle, with a 60g SSD, to record uncompressed footage from the camera's HDMI output. This will only be for short scenes to which I want to apply green screen effects.
I'm told this will work fine. But I've also been told that I may need to install on my iMac a codec that will recognise the uncompressed footage that was recorded on the SSD.
So, my two questions are:
1.   Is it correct that I'll need a special codec, and
2.   Will my computer, with 16gb RAM, be able to edit such huge files in After Effects, or Final Cut Express, without having a nervous breakdown?
Thanks.

You shouldn't have any trouble with the codec if you have Final Cut Pro because I think it's ProRez. At any rate, Black Magic Design has always been great at supplying codecs. The problem you're going to have with the 550D/T2i is that the HDMI output from that camera includes the focus box (the little white square) and it doesn't output a full 1920 X 1080 image. You get cropping or black pixels all around the edge.
I own one of these cameras and it's one of the many frustrations that I have. Don't get me wrong, it's an amazing camera for the price, but it's not what you're looking for. The 60D is better because you at least have a little control over the audio,  but as far as I know there is no Canon DSLR that sends clean live video out the HDMI cable. I believe the 7D will deliver clean picture but it is still cropped with gray bars top and bottom.
The HDMI signal is fully compliant HDMI compliant, the camera just doesn't have the hardware built in to send the entire HD video image to the screen. Instead of getting the 1080 HD footage the camera records internally you are getting an HDMI feed of the camera's LCD viewfinder. At least they stripped off the other overlays. The HDMI output is useful for focus and to check color, but it's not a very good substitute for the real HD video.
Here's an article about the problem. Before you pick a camera do a little research.

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