I watched the RED screening of Peter Jackson's "Crossing The Line" at NAB and was impressed with all that Jim Jannard and the RED team has achieved.
The images are very clean and sharp and look better than Flyboys material I have seen projected at 2K. However without a hands on A/B test it's hard to compare as lens and grading (color timing) etc. all affect the final look.
The irony is the RED camera is priced in the XDCAM-HD, Varicam, HDCAM range, cameras which are not even close to the RED's performance or potential.
The combination of RED shooting RED CODE (compressed 4K 12bit RAW) with Final Cut Studio Pro 2 on a Mac will produce fantastic 1080p for HD-TV and HD disc (Blu-Ray, HD-DVD) and 2K for Dcinema and 35mm filmout.
4K workflow is a bit more involved and is not low budget friendly just yet.