Mark Christiansen, fresh off a preso on RED @ SFMOGRAPH, provides the latest intel on RED starting points in 5 Tips to Maintain Sanity in RED Post: Lose less life working with R3D source. Mark summarizes:
"If there’s one key take-away from this article, it’s this: for the vast majority of projects, preserving full 4K (or even 3K) data is not your main goal; you will find the greatest success by converting to a format that keeps only what you need."
If you have not been reading carefully, you may have missed that "the RED camera records 12-bit images, so a 16 bit linear TIFF or 10-bit log DPX has more than enough headroom to handle the image data at a fraction of the R3D size."
Note: Adam Wilt has some advice for using large files like RED format in Play Ping-Pong for Faster File Flipping: Separating source and destination disks can really speed thing up.
Previous RED news items and links are here.