I agree with you guys, most Blurays do looks like crap, unfortunately. You've seen my posts on this issue, I'm well aware of what's going on there.
Truth is it's not the format that's not holding up, but the studios. No matter what format its on, if a bluray release looked like crap, a REDray release won't look much better. I've seen amazing blurays; there are many out there that fully take advantage of the format. The ones that don't however, are just a lackluster effort on the studio's part.
I'm not as optimistic as some of you are about REDray becoming studio accepted anytime soon; we just went though that damn format war, there's no way the general public is going to tolerate another for at least 5-10 years, and frankly I'm MORE than satisfied with the Bluray releases that have been good. In many cases, they've all looked better than they did in the theater.
Now unless RED is secretly dealing with the studios as we speak and are setting up some kind of RED ray distribution for a minority of videophiles like us, I doubt we will be seeing Iron Man 2 in Red Ray. Or the Hobbitt, or Batman 3, etc. Just being realistic is all; there's been far too many times in the past where I've been disappointed for keeping up unrealistic hopes :)