RED will be awesome for us soon, but....

[Litzwire]

....the current version of RED will be like a Super8 camera in the not-too-distant future:

http://digitalproducer.digitalmedianet.com/articles/viewarticle.jsp?id=144526

[Jim Arthurs]

Saw the prototype footage at NAB this year... very "video"... too much edge enhancement, and what seemed like very low dynamic range, while clipping whites very quickly.

Lots of resolution, no doubt about it.

The almost 4K monitors on display in front of the booth were very cool, though...

[Mark B.]

....the current version of RED will be like a Super8 camera in the not-too-distant future:

http://digitalproducer.digitalmedianet.com/articles/viewarticle.jsp?id=144526

Sort of yes, sort of no. There's a basic point at which things are good enough for the needs of the user, and passed that point everything else is just gravy. In the cinema world, 35mm film has been that quality point. If Red captures 35mm film-quality then there's no reason for the RedOne to become outdated by future technologies. Frame rates may improve, color quality may improve, storage space may improve, but the results of a RedOne will always be adequate for theaters. Exceptions might exist if everyone opens up IMAX theatres, but with land getting more expensive I think it's more likely screens will get smaller rather than larger.