I just finished an online survey for Canon owners, which they send out via email every so often. This was a “Camera Feature Survey” and it shows that Canon is thinking hard about a Vari-Angle LCD, which is listed as the 4th item in the screen capture above.
I have included a couple of screenshots as evidence of this possible feature. Personally, I think this is something that Canon must do – at the very least on the Rebel line. Sony’s been there for a while and Nikon is knocking socks off with the D5000‘s tilt/swivel screen, particularly for shooting video.