Red Day was covered here.
You can check the links provided. But the basics are...
Red is now listening more to customers that they probably did before. Many improvements in the original Red one and future cameras will reflect this.
Red one will now have an improved M-X sensor. With a new colour science. Existing Red One owners can upgrade their cameras with this new sensors for US$ 5750. I'm not sure how cameras from India will manage of the camera needs to be shipped back to the US.
Red Ray, Red's 4k player will be called Red 4k. It plays 4k material from Red cameras at just 15 mbps (bits!)
Red's new cameras Epic and Scarlet are on course for a availability later this year. First to select existing customers, then all existing customers, then new customers. As usual, timings can change and they follow American seasons like fall, spring, summer instead of calendar months like the rest of the world can understand.
Sony's event was to trace the future path of HDCam SR. More on the event here.
The SRW-9000 will be the camera platform for digi cinema of the future. It can be made in 2k and maybe even higher 4k versions.
Tape for recording will be out. Instead there will be 1 Tb flash memory - RAID 5 protected.
Lower quality versions of the HDCam SR as a codec to be available.
And there were other announcements about calibration, CDLs, etc.
Basically, these new announcements will take shape later this year. In the case of Sony, probably in 2011-12.
Or, yet another camera, that does HD or higher resolution movies, provides an uncompressed HD or 2k out, doesn't use binning to make images, and uses full frame or S35 sized frames. So, a variety of economical but excellent still camera lenses can be used.
Such a camera, with a good viewfinder, easy focussing that can be tracked, exposure manual adjustment, and other filmy features could make these Red and Sony initiatives irrelevant.
But if such a camera doesn't make it, then we in India will use film in a big way till the end of 2012 at least.