Reading the first line on the website is really a huge step towards understanding what your downloading:
"redEVENT is a brand new Joomla 1.5 native MVC event component. Build over the popular but yet limited event component eventlist, the redEVENT fork along with its 100% integration to redFORM has taken the ease and flexibility of creating and managing events and bookings to a whole new level."
Beyond that redEVENT and redFORM is light years away from what eventlist offers and as such the flexibility and dynamics of redEVENT integrated with redFORM can not be compared nor paralleled with what tventlist has to offer - but ofcause if you dont need anything more then eventlist can offer its not to hard to figure out you should get that ;)
Also with updates up to 3-4 times a week and a roadmap for constant integrations to 3rd party components and a continues development of redEVENT, redFORM and redCOMPETITION we offer a completely different kind of extension service then a freetime rarely updated extension does.