this patent seems to be a specific thing for high-fps footage, which would require too much banding with standard RAW movie compression (which RED didn't invent and doesn't own; Cineform RAW, for example, did wavelet RAW compression before RED)
what this Canon thing does is that it records one full frame, then a few subsampled frames, then another full frame, etc - later on, those subsampled frames will be upsampled using additional information from the adjacent full frames (seen from a different perspective: it's like using twixtor, but with the subsampled frames as a very very nice guide)
I certainly don't want that for regular fps footage, but if it's the only way to get 120fps or 240fps, then it's a very nice thing to have