Besides directly editing RED files (or not), the new release of Adobe Premiere Pro CS4 (version 4.0.1) enables users to import Final Cut Pro projects via XML interchange, export to Open Media Framework (OMF), and import and export projects in Advanced Authoring Format (AAF). To find out more check out Premiere Pro CS4 4.0.1 Help is live.
This is from From FCP to Premiere to ProTools to After Effects at Mikes Jones Digital Basin:
"...its the last of the triumvirate of exchange options this update delivers that really is a bit of a head turner... Adobe Premiere Pro now has the ability to import and open Final Cut Pro projects....!
Yep, that's right. A project cut in FCP can now be opened directly in Premiere Pro using FCP's XML format. Having just done the test myself I can attest to it working perfectly. In fact I took a 5 minute project with 4 streams of video and 6 streams of audio from FCP, exported an XML project file, took my hard drive over from my Mac to my Window's based workstation and imported that FCP project into Premiere and it opened in seconds flawlessly."
Update: I missed Scot Simmons' comments at Studio Daily, Adobe fires another shot across Apple’s bow. Unfortunately the shot fell a bit short since Apple shipped their RED solution (see FCP User's notes on the Pro Apps update) and Adobe didn'. Later at The Editblog, Scott was Kicking the tires on the “native” RED Quicktimes and Kicking the tires of the Premiere Pro CS4 XML import.
Update 2: Dav's Tech Table has more details and a YouTube overview of the CS4.01 update: