I was talking about moderate boosing (+2) originally...maxing out any setting in either direction looks bad (except for sharpness all the way down), I think we can agree on that.
However, I feel the flat vs in-camera is sort of apples to oranges. Sure, people operating RED cameras want to shoot it flat and yada yada, but it is very visible in the end product. I'm not doubting the capacity of the RED camera or its users, but every single time I have seen RED footage, I have instantly been able to recognize it as being very digital. I am not a big fan of overtly post-processed colors. As an example, compare Fargo to O Brother Where Art Thou?. Fargo was shot on film stock, and O Brother was the Coen Brothers' first venture using digital grading, and the footage looks vastly different from each other.
I started out on my 7D shooting flat, and it was fun grading the footage and all, but what I realized that its even more fun not having to spend as much time behind the computer. Plus, I like the philosophy of shooting it right, and constricting yourself to the less-forgiving spontaneity of in-camera adjustments.
I shot this video using in-camera settings. Saturation/contrast was +2 (+3 contrast for a couple shots), sharpness all the way down, and the only adjustment I made was I cooled the blacks on 2 shots. I basically got this result without compressing the image data, and it looks are more lively than my flat footage did.
Whatcom Falls from Landis Tanaka on Vimeo.