This is not an adapter but certainly something that is probably going to cause a stir. Next couple of years are going to be amazing in terms of camera development. I can't imagine that Canon will release this without stepping up the video camera market. The Canon 5D Mark II has some amazing specs. Take a look at this clip and the low light capabilities. Looks very similar to RED footage.

Vincent Laforet : photos : Reverie - Behind The Scenes- powered by SmugMug (http://vincentlaforet.smugmug.com/gallery/6021407_xEg87/1/#378479692_MRytZ)

There are definite limits as far as quality and probably not as high res as the red, but still, I see your point there. The camera has the same cost as an hv30 and an adapter with a few lenses. They were still using a few pricey toys in that clip though (gyros, extreme telephoto lenses, and the like).