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Yep that's the kind of intermediary codec that the ZR needs. But only if Nikon doesn't cook it with that aggressive noise reduction. You know the drill, Fuji had similar issues I seem to remember you pointing out. Thing is, I don't buy cameras based on promised or wishful features anymore. Been burned too many times waiting for "coming soon" updates that arrive late, incomplete, or not at all. So as of right now, the ZR is off the table for me. It's not just the codec situation though tbh, the unreliable view assist/exposure tools and first gen quirks also give me cold feet. Good to know LT is officially on the roadmap, though.. great for early adopters but I think I'm done gambling on "maybe later".

R3D NE data rate is about 2x of that of N-RAW Normal, which in turn is 2x that roughly expected of Prores 422 LT 4K which is coming to the ZR in a firmware update according to Nikon. So you can get a 75% reduction in data rate compared to R3D NE in a 4K 422 format in the future. Would this be enough to make the camera practical for you? Another possible help is if video editors will be able to make shortened R3D NE files (after cutting) in the future, to save storage space. I imagine this is just a matter of time, if the camera is popular, it will probably be implemented.

I am currently doing my own ZR image testing with footage I shot in every codec and the R3D RAW is beautiful, super rich, super detailed. Probably the best image you can get from a mid priced mirrorless. But then the h265 log conundrum. I just messed around with some log files and they're terrible. Reminds me of 8bit FHD 5D3 footage. Actually the whole camera reminds me of my C200 which had either Canon RAW or 8bit. I hated not having an intermediary codec and its the same scenario with the ZR. Quite a shame as I love the design, form factor and huge display. But it's basically a massive RAW file camera which isn't going to be practical for a lot of people. I'm headed back to Canon as Sony is in limbo and I don't do L-mount.

NRaw is half the data rates of R3D NE and NRaw files can be saved after trimming, but R3D NE files save without trims, which makes R3D NE 20x more data heavy in worst case scenario. Started to convert R3D NE files to H.265 with RedLog10 and 500Mbps as a temporary solution. With NRaw there is no need for that. Z6iii has already good H.265, and IMHO is a better camera with more buttons and good EVF. ZR is just more fun to shoot, but getting WB, exposure and focus right takes a bit more time. The R3D NE footage does look more pleasing to the eye than NRaw when compared side by side. But without comparison NRaw looks good too. R3D NE is better in the shadows, but NRaw does not clip so easily in the highlights, so pick your poison based on the shooting scenario you are in. Neither is perfect at the moment, but both can give good results.