I actually came into possession of 4 Code Red's. I have one on my bow, backup bow and my wife's bow. We love them. The 4 Code Red's I am selling are extra's. E-mail me at email@example.com if you are interested. $50 ea. only shot maybe 50 arrows thru them.
I would look at the QAD Ultra Rest HD instead. I had the ripcord but sold it to get the QAD. It had the same features plus extras that I really liked. For example, with the ripcord I had, if I was at full draw and let my bow down, the rest would also drop down, thus dropping my arrow too. The QAD rest will stay up and locked even if the draw is let down. It only drops when the bow is fired.
The QAD also has something they call "let down technology" Which basically is when the bow is fired and the rest drops down, some fall aways will have "bounce back" and possibly contact the fletching as it travels by or create extra noise by bouncing twice. Let down technology claims to stop the rest and lock it in the down position once the bow is fired.
All that being said, I have not looked at the new ripcord code-red. It may have some of these features. I couldn't say. I don't think the previous ripcord did, however.
I have been using the ripcord for many years(older model) and love it. A couple of issues I had was it was loud during the draw, but I fixed that with a little moleskin. I belive that comes standard now. I never really gave it too much thought, but now that I'm reading these posts it is a little annoying when you let off and the rest comes down. I should say I've never lost an animal do to this, but it's just one more thing to think about. For what ever its worth, I would recomend the ripcord. "hunt like your hungry"