A special thanks goes to Apple for releasing the new Mac Pro. The dual i7 core Intel processor model just cut transcode times in half (roughly).
So if you open an r3d in RED Alert! and make a "look" using REDspace or REDlog and curves/saturation, etc. it saves the look to the .rsx file. Then open a bunch of these in RED Rushes and output to whatever format you want (say ProRes or Avid)... your dailies/edit files crunch out MUCH quicker.
Processing speed is RED's friend.