It is completely possible that someone could shoot a full length movie with it, as long as you record the audio separately. This camera can offer better quality than the XH-A1, and don't forget that Crank 2 used an XH-A1. So yeah, why not?
I am getting a 7D btw, this is amazing for the price.
the 1080p sample on dpreview had a lot of skew (jello-cam) to my eye, but the imaging resource sample at 720p60 looked quite reasonable. As for shooting a feature, I recall someone shooting a documentary on a Fisher-Price PXL2000, there's just no accounting for taste :-).