Magic Lantern vs. the V2 Firmware upgrade for the 7D

I've never downloaded Magic Lantern and don't know what the benefits are to its use. I've read that an alpha version for the Canon 7D recently came out and is working well. I've also read that the V2 firmware update for the 7D is now available too.

Does anyone have an opinion as to the benefits or downsides to either or both?
 
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