If you go to the red website you can download the program REDrushes.
Here you can create relatively low res (quarter resolution) Pro Res 422 QT’s, to use in the edit for FCP (easy on the diskspace.)
With an EDL, online facilities can take the sequence and assemble a high-res QT with the original RED files. That’s also one reason why you can’t change the names of the files.
The workflow is pretty solid (in my experience) and in FCP it is much more easy to implementing RED opposed to an Avid workflow. In Avid you have to use QT-wrappers and a special RED-EDL for output.
If you are planning to do a preliminary color correction in REDalert beware of a minor but very difficult bug.
When you view material here under different settings than the original source settings, sometimes these changes are saved in the meta information of the source video. This can result in confusing situations, so beware.
Good luck with the project!