RED has not released any proper specs. for this player yet. The original idea was to use DVD as media at 10mbs. But because the lack of 4K displays I guess they estimated that when 4K displays starts to be available in the future the Compact Flash and SSD media would be affordable as delivery media.
This is the Pro player, and it would probably be more correct to call the media stream "as low as 15mbs 4K". The machine can probably play back at much higher bit rate. Without knowing for sure, just reporting "rumours" and reading between the lines, this machine might have the same ASIC processor that is in the new small Epic Camera that can process 5K Cmos signal up to something like 100fps. and store it.
Logic is that it should be possible to decode and playback the same.
Basis for all RED codecs (Cameras, Processing and Editing software) is their own REDCODE, which some say is a variation of Jpeg2000, but is not something they have published.
So a variation of REDCODE is probably the codec for RED RAY.
There will also be a Consumer version of this player, which originally was said to cost $1000, but no other or new pricing for these machines has been given.
The reports on the image quality was like "fantastic" and "impressive on a Huge screen". But the pictures I have seen from the event was that the screen was not particularly large and I believe it was a backprojection, and I would not trust enthusiastic "camera gearheads" to report accurately on this.
There are rumours of an upcoming REDUSER event on the east coast and maybe some critical HT people from AVS could attend and check out the quality.