CHDK only needs a couple of megs, aside from extras like scripts. Make sure you have the card preped for autoboot; since there's no PS.FI2 file, you can't boot CHDK from the Firmware Upgrade menu.
ERR99 is still working to get the basic features of CHDK working; also, I assume no other CHDK build has HD support, so HD video is probably still a while yet.