Possibly. We now know a little more about at least one promised Red camera, the Scarlet 2/3″, (thanks to PDN – but here it is on RedUser) and although it may well be interesting at the moment to anyone shooting video (and the expected price of $4750 doesn’t seem too extreme considering) I don’t see it appealing to still photographers, though there is a picture of it up against a Nikon F3 – but for scale only.
Obviously we are seeing a convergence with pro still cameras now also including video modes. And we’ve seen a film (well to be honest I haven’t seen it – not my sort of thing) ‘The Fantastic Mr Fox’ shot using mainly Nikon DSLRs as well as a Time front cover (and others) shot on a Red One (both reported recently on PDN.)
Reading the very confusing (at least to me) Red User forum I think we can expect the first Red offering targeted at still photographers around May/June next year. It will be interesting to see how it compares.