With digital cinema on the rise, and DSLR video shooting becoming increasingly popular for low-budget and independent film making, expectations were high for Canon's big announcement at Paramount Studios today. And Canon delivered, the C300 is a DSLR-like camera that uses Canon or PL mount lenses (two different models), with no autofocus, S35mm sensor size, full HD to a 50Mbps 10-bit 4:2:2 stream, shipping in January 2012 for $20,000. They also announced a new range of high-resolution affordable zoom and prime lenses for cinema use, and, as an extra bonus, they announced they were developing a similar camera that could record 4k video for release at some time in the future. It all looked like a big win for Canon... But, a few hours later, the always controversial and disruptive Red Digital Cinema, makers of the ubiquitous Red One and the relatively new 5K, 120fps EPIC, announced the EPIC's little sister, based on the same sensor, the Scarlet, a camera that also uses Canon or PL mount lenses, with an interchangeable lens mount, autofocus on Canon lenses, S35mm sensor size, 4k video (with HDR option) and 5k stills to a 400Mbps 16-bit compressed raw stream, shipping December 1st for $9,750 for the body (under $14,000 for a full, ready to shoot kit with media, card reader and 5" touchscreen, minus the lenses).