Here's what Canon had to say about the 5DMk2's weather sealing in a white paper:
"... the weather and dust seals have been improved around the battery compartments and memory card doors, and increased precision in the alignment of the magnesium alloy external cover seams and in the optimal design of parts and structures contribute to the cameras’ dust and water resistance. Internal gaskets and sealing materials are used extensively at the cameras’ buttons, tripod sockets, and surrounding the LCDs. As a result, the EOS 5D Mark II now has dust and water resistance that is almost equal to that of the EOS-1N—Canon’s top-of-the-line professional 35mm SLR for most of the 1990’s."
Looking at my camera's CF door (which to me looks to be identical to the 40D or 50D which aren't weather sealed) I would say you would be well served to keep it out of modest to heavy rain. I've read that the 5DMk2 can handle 10mm of rain for 3 minutes (DPReview specs
).
Canon does not say it's "weather sealed" they just say that "weather sealing has been improved". The 5D has no weather sealing at all, so anything above nothing is an "improvement". With that said, $2700 is a lot of money to piss away testing out their idea of a little weather sealing.
Get a rain bag and protect your camera, or by a 1D which can easily handle rain.