UPDATE: Added some spec info and notes at the bottom of this post

*RED ONE camera MSRP $17,500
*66db Signal to Noise Ratio
*7 lbs. magnesium alloy body
*Optional RED-CAGE system (all kinds of handle/mount options, from a gun-like handle, to three-point handle)
*RED 300mm f2.8 fixed PL mount lens. Choose any Super 35mm PL mount lens, Super 16mm PL mount lens, or optional B4 lens mount. Lens MSRP: $4,750
*17-100mm lens is in development

Very cool stuff. See the RED Digital Cinema site for sweet pics.

UPDATE:
The RED ONE specs are staggering (bear in mind that they may be revised at any time).
This camera acquires in 2540p (RED calls this 4K+, it’s overscanned 4K essentially), 4K, 2K, 1080p, 1080i, and 720p. It will do variable frame rates from 1-60fps in all resolution modes, and 1-20fps in 2K and 720p modes. It will also do 50p/59.94fps in 1080i and 720p. The beast sports single and dual link HD-SDI and can output 4:4:4 RGB in both 2K and 1080p. Storage media is either your own solution attached to HD-SDI, the RED-DRIVE hard disk, or REDFLASH cartridges. Codec is wavelet-based REDCODE. The camera outputs 4-channels of uncompressed 16-bit/24-bit 48K streams. A neato accessory that is mentioned is the RED-RAID 2540p RAW data recorder.

UPDATE: Mike Curtis has posted his thoughts on the RED ONE shooting modes.