I wouldn't doubt that it's a good camera, but that's not really enough. The big question is market, and that would seem to me to be a real problem. If they can make it sexy enough to attract a lot of professionals, quickly, then they may be okay -- and the design IS pretty sexy. It's like using a Leica when you know in your heart that a Nikon would do. On the other hand, I'm not sure how a custom-made camera will compete in a world where, sooner or later, and probably sooner, Sony will come in, will be able to apply a lot of money and heavy duty marketing techniques (like loss-leaders) and where economics may become more and more important, even for the professionals.
As for the person who thinks the Red will take over journalism...ah, I think not. Not unless Google dies and classified advertising comes back, and local TV starts getting back all those national ads that just left. Even when I was working for newspaper, the mantra was, "Good enough will do fine." If you had a choice between two good-enoughs, then the cheaper would always win. To tell you the truth, if I owned a newspaper, the guys would be going out with G10s. PJ stuff gets trashed...
And two weeks ago, in Pasadena, I was catching a hotel elevator and a wedding photographer hurried to get on. He was carrying two 5Ds, and when I asked (I'm a Nikon guy) he said the 5Ds had changed his life, and he couldn't think of a better camera for a wedding pro. A full frame camera set-up that, for its price, is virtually a disposable for professionals, and, on top of all that, it's light: wedding pros MUST have two of everything...
So: the markets. We shall see.
JC