I don't think I'd consider buying this. Beyond my apprehension on possible build quality problems (RED hasn't made phones before?), gimmickness (are there many applications of 3D or holographic content for a phone, and would developers actually develop for it?), beyond it probably using Android, and beyond the very high price, would the camera be worth it compared to my iPhone? I can get some pretty great shots on my iPhone and I know it well enough to play with its weaknesses -- its bad low light performance, its bad color capture/profile, especially with halogen lights, and its bad grain -- and if I really wanted significantly better pictures I'd just take my DSLR with me (the only time this happens is if I'm going on a special trip because I hate carrying it). From the document they released [1], I would guess their target market is RED camera users anyway, so maybe it's not meant for me.

Also, the document is weird. It seems like it was copied from some blog post because one of the sections says, "I can also assure you," even though the document it's "written" by anyone in particular.

1: http://downloads.red.com/hydrogen.pdf

I wonder who they think will buy this initial batch? Its obvious they don't have the ability to produce these things in any sort of high capacity. Are they only expecting existing RED owners to buy them as some sort of companion or accessory? It seems to have the POGO pins on the back like the EPIC has for mounted accessories. Other than that theres so little info to go off of that I don't see anyone else buying them, especially at that price.