Love the Red and want to go back soon.
The fact that you guys are having these discussions is great.
Here in the Blue Mountains our rock is generally about 20% the strength of your rock, and is always wet inside.
http://www.youtube.com/watch?v=cLW8gBhmE7A
With this rock, you can snap a 2" thick slab by hand. This rock is virtually unclimbable, we climb on stff that is ~ 3 times stonger internally, but has a 1/4" hard crust. Thus glue-ins are the only real option for our sport routes.
Whenever I bolt on good rock I find that stainless steel mechanical bolts are great, so easy, but expensive. Back on our glorious choss the time factor of glueins is significant. I use manufactred ring bolts at $4 a pop (tested straight outwards to 35 to 50+ kn, 7800 to 11200 lbs force) or hand made U bolts at 80c each (a bit stronger again).
http://routes.sydneyrockies.org.au/display/thelab/Home
We have tested polyester glues and epoxy glues and found little strength difference, but prefer epoxy as it 'should' last longer.
Various people are right in saying that glue doesn't reliably bond to metal, but only interlocks with it (if I'm ever given manufactured rings I often give them a light grind and add notches, but not within 1" of the eye). The UIAA talks of glue as "grout" to reinforce this point. Also, as Rick pointed out, torque is crucial and hard to get right for mechanical bolts.
You have a few degradation issues at the Red:-
-Non-stainless units will die, slowly or quickly depending on where they are. Get used to replacing them. All bolts must be stainless. As you know where the bolts should be, it's not a bad time to replace them with either a very solid mechanical stainless unit, or a solid glue-in.
-Most beefy stainless bolts should be fine. Some can loosen with repeated falls, particularly on steep stuff as the load levers the bracket out. Then if they are overtightened you may get failures. It might be worth replacing these with glue-ins.
Fatigue is an issue, but proabably not in your rock strength. You could some peform some fatigue testing on a mechanical bolt, say 100 pulls at 1000lb, then remove the bolt and put a gluein into the hole, set and test. To get some decent statistics you'd actually test maybe 5 "mechanical bolts fatigued and replaced by a glue in" sets like this, along with 3 un-fatigued glue-ins to get valid strength comparisions. But you will get blisters from the pumping.