We know the name of RED's next camera: RAVEN.
[Update]: RAVEN will be announced September 25th, has WiFi built-in, and will be capable of 4K up to 120fps:
He also posted this video showing the frame rate change:
RED's Jarred Land has teased yet another photo of the RAVEN on Facebook, this time showing that it's in a similar style body as WEAPON and takes Mini-Mags for media. The picture above is the second teaser so far, with the first one coming just a few days ago, showing us that it probably has a fixed mount (possibly EF).
This will likely be the last full post before the official announcement, since I know Jarred likes to tease these things out a bit (we'll just update this one with new teasers). That shot of the media told us a lot about this camera in terms of its affordability. Full disclosure: I own a RED, and have owned them for a few years now. I've also owned a number of other cameras from other manufacturers and will buy more of them in the future. I am partial to underdogs, but generally it doesn't matter to me, I'll shoot on whatever, and I can get excited about anything from any company.
Now, back to this camera. We've seen RED's president mention "4K4ALL" in regards to this camera (the first teaser image is above). To me, based on announcements from other companies, that means we're getting something below $10,000 (body only), which will likely replace the original SCARLET MX. I would be surprised if they went back to the MX sensor for something like this, and didn't just move straight to DRAGON. I'm sure RED could sell the guts of the RED EPIC in a new body for basically nothing at this point, and let it shoot 5K at high frame rates, but then they're cutting into the other lines they've established.
I think a DRAGON sensor with reduced specs is coming, though it's worth noting that if they used the same DRAGON sensor found in SCARLET and EPIC (and also WEAPON), at 4K the field of view is reduced to about Micro 4/3 sized, which would be smaller than anything Sony, Canon, and Blackmagic offer at the $4-$5K range and above.
Final Words on Affordability
It's easy to get excited about anything they may announce, especially if you're someone who couldn't afford more than $5K or $6K, and you really want to get into a compressed RAW workflow (which does save a ton of space in the end). The only issue with RED is the fact that they have a lot of proprietary accessories, including media. If they stick with the same body style as WEAPON, that means you're buying a Touch LCD or SideKick just to control the camera, which are both over $1,000, and the cheapest media starts at nearly $1,000. After you buy the body, you're in for $3,000 to $4,000 more right off the bat. That's not to knock the company, but it's the current reality buying a camera from RED.
I hope I'm wrong, and I hope they throw in a bunch of accessories for a reduced price, but don't expect to be shooting with a $4,000 camera for $4,000. Whatever the company announces, you'll spend a bit more just to get it shooting in their ecosystem.
We'll let you know when the official announcement comes.