I've read that the Red could make a direct downconversion to 1080i and 720p via the camera chip. Which codec is used for that conversion : DVCPRO HD, HDV, a Red one, a choice between all these,...?
I'm hoping for some kind of Redcode "Edit" codec that is tightly integrated into their workflow and works with FCP. Visually Lossless maybe, 720p, low data rate. Ability to install the codec, perhaps through QuickTime on any platform. So you could edit the footage, burn it to a DVD-R or ever CD-R and play it on any computer you wish. This way you don't have to transcode it to H264 or WMV to have a good viewable copy.
Well as long as those of us in a PC environment don't have to deal with Quicktime it'll be all good. I've no doubt though that Red have both sides well covered since various people have mentioned working with both PC and Mac based NLEs to support the relevant codecs.