Despite all the flaping the Red really is in competition with the HPX. Most will not be able to afford both. The real difference is in the flexabiltiy of the Red, even if you never used the full imager or 4K you would still be able to buy a good cheap used 16mm zoom lens and have 2K RAW 4:4:4 data for the same price.
Well Red doesn't record audio on board, so in that way I don't see it competing wth the HPX at all.