From my experience I’ve found that Premiere only copies the R3D files to the consolidate location when using the ‘Collect Files and Copy to New Location’.
When I tried ‘Create New Trimmed Project’ it just left the R3D files alone. It didn’t even copy them over, let alone attempt to trim them. This would be more acceptable if it informed you what had happened. The Red footage was online in the consolidated project but it didn’t include master clips nor did it inform me that it had any difficulty…
Strange. Is this what others have experienced?
I’ve only tried this on Premiere CC (7.0.1) on a Mac so far.