Not the most technically accurate but I did a rough side by side last night using various lenses and frame rates.
Jon Carr - Blog - Side bySide (http://www.joncarrpro.com/blog/2009/9/30/side-by-side.html)

Thanks for posting the footage... I have been seeing folks report that the 7D seems to be
brighter by about one stop.. and you can see it in your footage...

The 5DII footage is very punchy/contrasty...

Here's a blog where the writer has put together some instruction on how to flatten out
the 5DII... it should bring the blacks back inline and more closely match the exposure
of the 7D.

ProLost - ProLost Blog - Flatten Your5D (http://prolost.com/blog/2009/8/3/flatten-your-5d.html)

Here you get to see how the setup looks with the three pictures compared to two different flattening profiles to the standard Canon profile... loads of difference... I'd play around a little to get the sharpening down to where you like it the most but its obvious that the 5DII needs to be flatten'd to fix the crushed blacks... then I'd think the 5DII and 7D footage would match better, at least to the exposure difference you see in your compare footage
posted.

Not the most technically accurate but I did a rough side by side last night using various lenses and frame rates.
Jon Carr - Blog - Side bySide (http://www.joncarrpro.com/blog/2009/9/30/side-by-side.html)

Just looks like different contrast settings to me

Thanks Ray, I will check out the info. I will have to worry about matching these cameras down the road when I get out and shoot actual projects with them.

Just looks like different contrast settings to me

Don,
It is a little more than contrast. The 5D mkII picks up a little more detail in the overall image. It is hard to describe but they both have very pleasing images.