Red Camera vs. Panasonic P2 for SD/HD

I'll never need a camera that does 4k- well, probably never. So, I'm looking at the Red as a potential solution to shoot both 1080i and standard def material. My understanding is that Redcode material is not fully supported (not even in FCP Studio 2), but I thought that Redcode wasn't necessary if you were shooting below 2k. In that case, does the Red record material as MXF files (as the Panasonic does w/ P2 cards) or does it write quicktime files? It would be great if I could use the files directly without having to run it through an intermediary (like I have to with the P2 stuff).

These might be "dur" questions, but all the research materials I've found just have more questions.

I've been toying with the idea of going tapeless for a while now, but the notion of having to back up (multiple times?) every "tape" we shoot seems unwieldy, especially for HD work.