The red dial adjusts the point where the pads contact the rotor. It does not make the brake softer or firmer like the Hayes, but just gives you a lot of adjustability in how your brakes feel.
I rode the codes on a V10 for a week in whistler and was stoked. Lots of power for my 200 lbs, good modulation, very consistent. The levers have a great shape and feel very smooth and solid, no slop or binding.
I rode the stock pads, which I believe are a relatively soft organic compound. I think I would prefer a hard pad and more friction. Not sure but that may be the vagueness Transcend mentioned.
As for the red dial, it adjusts the point in the lever stroke at which the pads contact the rim. You can think of it as a lever throw adjustment if that helps. It is not a reach adjustment, that is separate. Using both you can dial in your desired amount of reach and lever throw. The red dial also allows on-trail adjustments if conditions are particularly sloppy, you bend a rotor, etc. Me likey.
I just recently got a set and mounted them on my 7Point this past weekend. I liked the ones I test rode when I was in Moab - can't wait to give mine a wirl. Eveything else about the brakes have alrady been said here...
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