There are too many missing details. I doubt that Samsung or LG will be manufacturing a special run of OLED panels for such a device. It means that the phone will be built with an inferior LCD panel. Apple's agreement with Samsung has deprived the smartphone market of access to OLED panels. The Chinese manufacturers all ran to LG in a hurry and LG doesn't have enough capacity to meet the demand either. Even at the much higher prices the Chinese OEMs have been willing to pay. The effect has been that Google itself cannot source enough panels to even meet the relatively tepid demand for the Pixel.
NAND memory is also in short supply. Putting 32 or 64 GB on a 1200 dollar device is going to seriously hinder its sales potential. Great camera on a device with 32 GB of memory will not be received well.
What's the CPU? The yields on the Snapdragon 835 on Samsung's new 10 nm process have been less than expected. Samsung has the preferential contract for the CPU. Even LG has had to resort to the use of the Snapdragon 821 instead for the G6. It's likely the reason that the Pixel won't be released anytime soon with the 835 either. It means a $1200 phone with a lesser CPU also. Again, not something that is going to be received well.
How about the digital imaging sensor? The lenses can only do so much with the optics. Capturing the information in the image is also of great importance. Samsung's Isocell units are the best in the industry but not available on the market. Apple gets preferential treatment for Sony's high end units. It will be comical if the device returns images that are beaten by the Samsung and Apple flagship phones. Both companies have thousands employed dedicated just to imaging. It is very hard to see how Red can exceed Samsung and Apple in these areas.
In looking at the potential of what Red is realistically able to achieve, it is doubtful that the phone is ever released. If it does see the light of day, it will be a short lived product.
I think you're seriously underestimating the guy who virtually singlehandedly revolutionized modern digital cinematography.
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