The REDRAY is a little larger than a Blu-ray disc player and has the capability of displaying 4K images on two Ultra HD displays, or up to four 1080p images on four HDTV displays simultaneously. It can also display a 4K image and also provide either a 720p or 1080p preview image on another display. To support those display capabilities, the REDRAY provides four 4K and 3D compatible HDMI outputs, and two additional 2D and Audio compatible HDMI outputs. According to information provided, the REDRAY player is compatible with both the LG and Sony 4K Ultra HD TVs, and presumably, any others that may be forthcoming from other manufacturers.
Now, you are probably wondering, what does the REDRAY use to play content? Instead of disc, such as Blu-ray, the REDRAY employs a 1TB hard drive, which is expandable via additional external drives.
To support the hardware, RED is also launching the Odemax cloud-based distribution platform that will provide the 4K content to play on the REDRAY. It is not known so far how much the content will cost, but it appears that it will more like a rental or pay-per-view type of system than outright content purchase and ownership. However, user generated content can also be loaded into the REDRAY for viewing.
For more details, including pre-order information, read the official REDRAY Announcement and REDRAY FAQs, as well as a report from Gizmag discussing how REDRAY will integrate with the Odemax distribution system.
Update 5/6/1013: Indie Filmmakers interested in having their content featured on the ODEMAX service can go to the ODEMAX Showcase Page for all the details.