droider,
ideally, someone will eventually craft a flow chart where one can navigate all the options and pop out with a perfect solution but since that hasn't happened yet, here's my take on it.
before i forget, there's a software hack for canon cameras called chdk (canon hack development kit) but it doesn't include the 550D yet

. this link will give you a lot of info on it
http://chdk.wikia.com/wiki/CHDK . with the CHDK software you can program the camera to take pics continuously at a set interval and those pics can be transformed into a time lapse sequence. i think it's a better solution than adding more hardware to carry aloft on your multi-rotor. you can probably buy a good quality second-hand canon that is compatible with the chdk software and do exactly what you have in mind with great quality results.
anyway, as for the camera, i've got a 550D on my Oktokopter but the weather and a variety of other issues have kept me from getting it in the air. the 550D is an awesome camera with video that will get you very nearly into the world of high end videographers. with a 32gb memory card it holds like 3500 pictures with resolution of 18 megapixel. i've been able to work out the details of making it take pictures remotely and transmit what the lens sees during flight so that i can use it for AP work but it's an expensive little addition to the copter and might not be for everybody.
what are you trying to do with your copter and what level of quality do you need?
regards,
bart