Hey all, just changed over the backend after 15 years I figured time to give it a bit of an update, its probably gonna be a bit weird for most of you and i am sure there is a few bugs to work out but it should kinda work the same as before... hopefully :)
Can't speak for anyone else, but yeah, we do it all the time. The Rocket *ALWAYS* does a full-resolution, full-quality decode of the R3Ds. But you will find that you will normally work in 1/2 or 1/4 resolution on that system because of everything else going on. 5KFF is actually a bit much for the Rocket to handle consistently for real-time 24fps+ playback, so you need to let it buffer a bit in Redcine and the RED Player to get playback that won't stutter. In the Adobe workflow, the Rocket is most useful for transcodes and final renders. For general editing, you will find that the system itself isn't going to toss around 5K full resolution very effectively, more like not at all, once you start cutting and doing other stuff to the clips.
In Premiere's MPE, the Rocket actually doesn't get involved much due to the full quality decode. It can literally slow things down. In previous versions of Premiere, we actually had to disable the Rocket so we could edit and a decent speed! Premiere has become a lot better at managing its resources, so the Rocket doesn't really slow things down anymore, however with the way the wavelet decodes work, the 12-core system is going to decode streams at 1/4 res way faster than the Rocket do it at full res and downscale it to your working size.
As for 5:1 compression, it takes up more disk space with the lower compression ratio (compared to 7:1, 8:1, 10:1...) and is also a bit quicker to decode. Once decoded, the images fill the same size frame buffer, whether they're 2:1, 5:1 or 10:1.