The 5D isn't bad, the new 5D C (C for Cinema) shoots in 4K which is like double 1080i or whatever. It still shoots stills but is designed for movies, and costs double, but for 4K is still worth it and doable on a 2 mil budget.
Anyway this is digi talk, I just was explaining my comment more.
Shooting on XX does cost less than color though, because with B&W you don't have to have as much light to make a scene look good and don't have to worry about color temperature so you can use whatever light is available even fluorescents and not have to change them out for tungsten fluorescents etc.
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