Take on OWLE team, add a hack into the iPhone dock connector, and what do you get? According to TechCrunch:

The latest prototype that OWLE has developed, which is different than what they start shipping tomorrow, allows you to use lenses with depth of field and telephoto effects, XLR microphones (both wired and wireless microphones), stereo microphones and more. Basically, it allows you to plug in any professional audio equipment that filmmakers use, on your iPhone. The mics are plugged in through the 30 pin, and the telephoto lens was cobbled together.

RED likely need not be fearful... yet!