As an owner of 4 5d2's and a RED..... I can add the following:
The "baked" in settings are acceptable if your careful about your white balance and your exposure.... not much room for correction in post as it falls apart pretty easily. Also.... you'll get much better results if you create a "style" setting that pulls back on the contrast, sat, and sharpness.
My main problem with the 5d2's is the "alliasing" that appears... especially when shooting a scene with brick buildings..... If you shoot with a fast lens and have shallow DOF you will be able to hide it most of the time.
Another issue.... the rolling shutter makes it impossible to correct shaky with FCP's smoothcam.... just wont look good.
As for the RED.... fantastic! Obviously it's a bigger and heavier rig to work with.... but the imagery the RED creates is streets above the 5d2. I'm constantly impressed with the dynamic range of the footage.