For sure DSLRs aren't great for everything - I wouldn't want to shoot, say, a documentary full of interviews where I'd have to keep asking the talent to start over what they were saying every twelve minutes, haha!
If your intent is to shoot narrative stuff with cinematic style, a DSLR will be the cheapest way there.
If your intent is to shoot run-and-gun documentary stuff, a proper video camera without record limits and deeper depth-of-field would be a better bet. (Though having a DSLR on set for B-roll and insert shots would still be a good idea
)Well, keep in mind, too, that the 60D isn't capable of autofocusing during video. It's all manual. Which is probably just fine for a budding cinematographer. 
Everything depends on the actual use case.
If the OP didn't already have a 50D (and wasn't a poor college student!
), this would be a much easier question to answer...
Actually, OP, if you can sell your 50D for $450 or so, then you can pick up a 60D for $650 from CLP and you'll be out only a couple of hundred. So in budgetary terms, that might actually be the way to go.

