People bashing the cam, might want to read all the specs. It's priced right in the middle of the PMW-EX shoulder mount line, plus is expandable and offers S-Log (via SDI). The sensor is new, developed in house at the Cinealta division. So it remains to be seen how well it performs.
If this camera makes great looking 1080p video, the people who should be worried is ARRI. Combine this with a Ki Pro mini and you have an affordable Alexa.
I find it interesting they made the announcement the day after Jim announced that Epic would be shipping soon.
For a variety of reasons, none of which have to do with Red, this camera is going to be popular with a lot of people. It won't be a Red vs Sony issue either.