Every so often an industry is blessed with a company that so surpasses it rivals it is embarrassing to all the others in the marketplace. RED is such a company. The have officially released (initial) specs and renderings of their new product line, and boy are they nothing short of amazing.

Highlights include a completely modular system, support for DSLR lenses, 120 FPS rates, minimum of 5 megapixel video with highly efficient codecs, and the ability to gracefully upgrade from a prosumer camera to a full professional rig.

The price of the entry model, called 'Scarlet', is about twice that of a current HD video recorder, so this will still be a niche play. But presently only the new Canon 5D Mk II can be used in both a still and video context, and the RED system is years ahead in terms of technology, flexibility, and innovation.

The largest sensor RED offers is a completely mind-blowing 261 megapixel sensor that's 186 x 56mm, or roughly 20 times bigger than even the best professional HD cameras. And more importantly, by using a physically large sensor (with pixels about four times the area of most cameras) RED will push the limits of low light photography far beyond where it is today.

All in all, this is a stunning and revolutionary leap in camera technology. Can't wait 'till it starts shipping!