Redcode is as wavelet based codec that encodes the raw Bayer sensor information from the camera. It is not an RGB codec. Nor is it visually lossless. I guess whether you use this natively as part of your workflow is up to you, and how much grunt you have available to you. When Reds capture there is always a tradeoff between resolution, frame rate and compression ratio. Ultimately we aren't in Hollywood or Soho post-productions making feature films or high end adverts. So ProRes of some description is good enough for most normal mortals, particularly in view of the fact that most Macs can throw it around with considerable ease, and plenty of feature films, TV programmes and adverts have been made with it.

The Gorillaz (RIP) and the Roger Waters Wall show used ProRes in their shows. Two meticulous artists with respect to content you will not meet.

ProRes is supposed to be visually lossless and it there's a certain amount of industry consensus that it's pretty darn good. ProRes 4444 is useful for post production as is ProRes HQ. What you use after that is a moot point. ProRes 422 Proxy is better than Apple Intermediate Codec that we were all using 6 or 7 years ago.

As for colour bit depth - is your designer editing footage on calibrated monitors that can actually display 10 bit? Broadcast Grade 1 monitors working at Rec 709 use a restricted gamut BTW. If you are not grading/ editing and finishing your footage within a 10 bit workflow using 10 bit calibrated monitors then what are you worrying about?

Mac OS, Open GL and decent DisplayPort graphics cards support 10 bit if you have a monitor good enough to display it.

Given that most people have to go through DVI as an output format from the graphics card, it is worth bearing mind that DVI can only display 8 bit...

Hugh