The RED will do 120fps only in 2k 2:1 mode. The slight letterbox shows the reduced image area from 2K 16:9 mode.
Notice how each shot gets tighter. I’m using the same lens for each of these but the portion of the sensor used decreases as the RED’s frame rate moves beyondcertain limits. The frame rate is determined by a number of factors, including how fast data can be read off the sensor and throughput, and the RED seems to solve those problems by reducing the active area of the sensor and storing 2K data instead of 4K. The RED’s 2K modes are slightly softer than 1920x1080 footage from other cameras, but with a bit of post sharpening 2K can look pretty nice.
The annoying bit is that the depth of field appears too deep when looking through the center of a lens, because the focal length of the lens remains the same but the angle of view tightens. The result is the kind of depth of field you’d see when shooting 16mm film or with a 2/3” video camera. Worse yet, you have to use a really wide lens for wide shots because an 18mm lens will give you the angle of view of a 35mm lens when rolling in 2K mode—but the depth of field will be the same as an 18mm lens!
The Phantom doesn’t have this problem because it uses the full sensor frame when rolling at 1000fps. Beyond that it has to use less of the frame for the same reasons that the RED does.