MR D, did I bump into you at Cinesite doing the Earth (Planet Earth feature film) scans ?
I spent a fair bit of time at the Red booth and I am convinced it's for real.
This not based on Peter Jackson's short but on the people that Jim Jannard has recruited from Stuart English (Panasonic) to David Macintosh (Accuscene viewfinder).
My professional interest in RED is in the post production workflow and Graeme has been very helpful. It's similar to RAW digital SLR workflow using Red Code RAW (4K RAW Bayer pattern wavelet compressed).
Peter Jackson's short looks very good, sharper than the Genesis shot Flyboys.
There are some little nit-picking issues where an under exposed shot was pushed too hard in the grade (colour correction) and an eagle eyed DoP spotted some dust on the sensor on a shot of the sky.
The images don't look as detailed as the 4K RGB scans of IMAX I have seen on the 4K Sony SXRD, to me they look closer to 2.5K+, which apparently is pretty close in theory to Bayer pattern sensor versus RGB.
You do have take a step back and remember that a good RED setup is Varicam/HDCAM money, compared to the cost of Genesis, D20, F23 and Viper.