That shot of the media told us a lot about this camera in terms of its affordability.
Full disclosure: I own a RED, and have owned them for a few years now.
I'm sure it will use variable compression R3D RAW just like their other cameras, though they've never released a camera that scales resolution, only crops, so you might get HD resolution at 60fps or 120fps, but it's probably going to be cropped in significantly. It will be interesting to see if this camera gets Pro Res at all though.
There's a huge price difference between the WEAPON MG and WEAPON CF, and huge part of that difference is 4K Pro Res and higher Pro Res frame rates.
I've also owned a number of other cameras from other manufacturers and will buy more of them in the future.