Does the newest premiere CC allow you to edit RED footage natively? Or do you have to transcode it somewhere first then import it? I'm thinking of shooting my next short film on RED Epic but remember hearing it's a pain to edit, etc. Is that still the case?
Premiere has been able to edit Red footage natively for a long time. The main reason it's a pain to edit is because the data rate is so high - you need very fast hard drives to play back Red files, especially if you have more than one track.
Nowadays, provided you have a fast GPU, editing red in Premiere is as editing any other formart- smooth. Just make sure you have an up to date computer. Premiere scales playback of red footage to 1/4 of its quality for smooth playback. On export, it reverts back to maximum quality (and takes a bit to render). But you should have a smooth editing experience. Dragon footage is a bit more demanding, but still editable.
Just remember what deltoidjohn said. With RED, the hard drives are the critical component. RAID 3 is best with such footage. You want something reeeeally fast for a smooth editing experience.