Mirror lockup locks up the mirror out of the way, before the shutter opens. This means that if you are shooting long exposures, the motion of the mirror won't affect the shot. I use it for all my astro imaging. Not sure how you set it on the 50d, but it's buried in the menus on the 450d. I use it with the self timer so that the mirror lockup and exposure all take place with a single shutter remote press, otherwise, the first shutter press locks up the mirror, the second fires the shutter.