I read the RED DSMC thread yesterday, and aside from the notorious Pawel Achtel doing what he does best there, I saw very little other than a lot of bragging and fanboy flag-waving. RED claims what distinguishes them is superior sensor tech and REDCODE. I don't see how REDCODE could make a DSLR obsolete though. RED's sensor technology may be advanced by DSLR standards but it is not large by DSLR standards. I know that the founder considers the D3 and 1DS3 as targets, but how he's going to destroy them with a cropped sensor that also does video is interesting. I'm skeptical.
My idea of what one of these should look like is a two piece system. The first piece is a light box, no mirror/optical finder, sensor, storage, power, and no controls. The second box is an electronic control unit which could be a computer in a tethered, studio environment. A portable control unit would also exist naturally. Upgradability would be improved and alternate lens mounts would be possible. A pole cam would be as easy as adding a longer tethering cable. Underwater would be interesting as well, since the control unit wouldn't have to be housed, it could have its electronics installed in a submersable shell instead. That might make an underwater solution remarkably compact. This design lends itself well to stereo recording as well. 
Still, I think in order to make an SLR obsolete as RED is claiming, they have to outdo the SLR at the SLR's strengths. They may have the greatest sensor designers in the world, but if they are using an upcoming 25MP sensor as was rumored in the thread, it's still smaller than 24x36. That doesn't provide DNR or DOF control compared to today's best. If anyone can do this it's RED so it will be interesting to see what they are up to.
Regarding lighting, think of the smallest acceptable underwater video light then add a circular strobe tube to it. These devices will need more battery than strobes currently have today.
How will RED support all the lens and strobe protocols necessary to interchange with systems, and if not, how will RED make SLRs obsolete with an all-manual solution or one that has no lens lineup?