Yes, the red is a huge pain in the ass... It's possible to get good results out of it, but the colors do look pretty muted (even when graded very well) and the camera is buggy and requires constant software and firmware updates.
It's great if you love being on the bleeding edge... If you just want to shoot good video and stills fast, it's, imo, a pain. And transcode times at 4k are brutal, for 5k, even more so.