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Nikon and Canon are probably not getting nervous about RED’s upcoming November 13th announcement of a 25 megapixel camera capable of producing high quality movies and good stills. One outstanding aspect of the RED camera is that it would be able to use almost any Nikon or Canon (and others with proper adapters) lenses you wanted to hang on it.
So far the fly in ointment is the RED cameras are not capable of autofocus (yet) so fast action shooting might be an issue.
RED’s initial release might not cause any concern for the big guys, Nikon and Canon, but with inevitable generation improvements this new addition to the DSLR market will start to raise eyebrows.