In the R3D decode properties box there is a drop down box option for color version. They are labeled 1 & 2. What do these numbers represent? Red Gamma, Red Gamma 2, rec 709?
Bear in mind this is a HIGHLY simplified explanation...
The RED cameras can record a far wider range of colors than can be displayed on an HDTV. Selecting a gamma tells the software to use an intelligent guess to display the maximum amount of colors in the most accurate way.
REC.709 tells the software to use only colors that can be displayed on an HDTV. REDGamma1 was the original gamma used for going to film or other display that was capable of showing most if not all of the colors that were actually recorded. REDGamma2 is an improvement on the original that improves (greatly improves) the look of Caucasian skin tones.