There’s an unconfirmed, unsourced rumor going around of a translated informal conversation with someone who may or may not work in a relevant part of Canon. The rumor states that Canon is confident in its own ability to compete with RED and that they’re “not afraid.” And there isn’t reason to be afraid, at least for products like the 7D. RED’s promise of a “Digital Still/Motion Camera” is still unfulfilled, while Canon has made significant progress with its own DSMC lines.
But unless they’ve got something pretty serious up their sleeves, RED’s Scarlet is still a threat to them, especially in the independent filmmakers market. After all, when you can have 3K digital RAW footage with serious color depth in a package the size of two cans of Sprite, the semi-pro Canon cameras start looking kind of plain. But really, it’s all wild speculation since the actual capabilities and price points haven’t been announced for the Scarlet, and Canon’s ace in the hole, if they have one, is similarly obscure.