It's a high end Cinematic camera. Each frame is recorded as a raw image and its sensor is said to be equivalent to a DSLR's sensor. It's very expensive but produces amazing video...check out vimeo.com and look up Red One.
There was a guy with a RED next to me at the event I was shooting this past weekend. I would not want to carry that thing around all day.. was huge and looked heavy, but i'm sure the shots were great.. heh..