I don't see what the complaint is... I can't say how fast it would be on a current workstation or upcoming 8-core Penryn Mac/PC. I'm only running on a Macbook pro. I tried to load it up on an AMD dual-core system, but it crashed on me. I'll have to test and see if it is a REDCINE issue or just this flakey PC.
Anyway, times are not bad. Compared to processing film it's fast. It seems like on a decent workstation it would be faster than a log and transfer of DV or HDV.
The only situations where I see transcode time being a factor is for those jobs where you typically hand over what you shoot immediately after you shoot it. But even in those situations with legacy formats, someone in the production pipeline still must deal with log and transfer, transcoding, etc.. With RED as it becomes more established, you can still work with this approach. You hand them the RED DRIVE, RED RAM, CF, whatever and they process it themselves.
At this stage in the game there could be a little bit of a trade-off in delivery time compared to shooting DV/HDV or even DVCPROHD. But I don't see this as a problem if the client knows this going into it. You're selling them a different product. Sell them on better image quality at little more than the cost of shooting with an HVX. If they can't deal with the having to wait a bit longer for a deliverable, then help them out with that. Offer to deliver immediately and then offer your consulting services to bring their editor or post people up to speed on how to deal with RED footage. This is an opportunity to upsell and offer more services. Not an "oh, my producer is going to flip if he has to wait an extra 10 minutes to convert footage" situation.
This exact same argument came about with the HVX200 and how to deliver what was shot on P2 in different formats or on different media instead of $1200 P2 cards. People survived and it's now a widely accepted workflow.