Canonrumors.com seems to think so. They also seem to think that in addition to 24p/25p, it will have Live Histogram for Video and Sound Level Control.
I'm sure all those features will be welcome, though I'll be shocked if the latter is true; they didn't put either of these features into the 7D or T2i, so unless they are trying to make the 5D Mark II into a "professional" model versus the other two, it would seem odd to add this feature and not do it for those cameras as well....(wait for the internet groundswell of conspiracy theories!)
They also mention that there's no word on 60fps (which would be 720p) but I'm pretty sure the consensus a few weeks back was that 60fps would not be in this release.
UPDATE: A screenshot from a Canon presentation suggests that those features (Histogram and Sound Level Control) are indeed coming! Interestingly, shutter and aperture priority modes, as well as a change in audio sampling from 44.1 to 48 KHz is also mentioned!