REDCODE is compressed. I remember expecting 400 GB or something after my first shoot, turned out to be 30 GB only. I was a bit scared even.
REDcode is RED's contribution.
To put things in perspective, how long was your recording?
To me, the Gh1/5D/7D are the perfect camera to own. Learn with it, bring it everywhere, shoot, practice, practice your composition, and heck, get paid to shoot some projects (depending on the budget).
RED is the perfect camera to rent for that higher-end project.
For me anyway ;-)