Amongst the many freaky characteristics of Kodak's 5360 Direct MP film (or 2360, the Estar-based variant I've been playing with) is the fact that the unexposed film looks like a translucent red filter. You can see right through the stuff! I haven't measured it with a densitometer but it sure looks like the developed film is denser. While the black areas aren't quite as densely black as a normal negative film (some of which might just be from the clear base), they certainly look denser than the unexposed film. The red is just a dye that washes out.

Duncan