I actually think this camera is bloody cheap for the price considering what it can do. We just spent about 20k on Sony PDW-F355 setup. For the same price we could of picked up one of these, only thing is the RED is not as practical for on location shooting as id like.
Best thing is you can get a Nikon or Cannon adaptor and attach your 35mm lenses and i know for sure i have a nice collection of primes and telephoto ect, so wouldnt really need to bother with the lens setup. The awsome thing about this camera is that its 100% customisable, you can purchase new handles, different mounts for the LCD, and all of them attach to the camera in any way you want. Say you wanted the LCD in a different area, no problem just unlatch it and reattach it elsewere on the camera.
A few motion pictures been shot using RED already, the film Jumper was shot using RED, that was pretty impressive filming.
http://www.red.com/shot_on_redReally want to get my hands on one and test it out myself, hopefully there will be some at the upcomming events out and about the UK.