FLUT is the brainchild of Graeme.
The "F" in FLUT stands for "floating point".
If you haven't clipped RAW, you haven't clipped any ISO. Move your mid grey anywhere you want without fear of clipping.
FLUT includes another new color science. That's right. Number 3. Better than number 2, which was better than the original.
FLUT includes a new color space- REDcolor (more accurate than before)
FLUT includes a new gamma- REDgamma (more info from RAW than before)
Since an r3d is RAW, you can re-grade any old footage with the new color science.
FLUT works with the Mysterium sensor. It works better with Mysterium-X sensor.
Examples will be shown at RED Day. You'll be impressed, I'm quite sure.