I agree, the image really comes into its own when presented as a framed piece - very nice. The red fringe is, as said, a lens (mostly) and sensor issue. I haven't had to deal with it much since moving to Canon 1D + 1Ds bodies and L series lenses. (Full frame allows more room to crop for composition rather than re-frame for composition).
Chromatic abbertation was more of an issue with my Canon 10D/non L lenses and a terrible problem with the little Nikon Coolpix 5000 (my first digital camera some years ago).
Anyway, in Photoshop CS2 with an open image on the screen go to the view menu, then distort, then lens correction. You will see adjustments for 'chromatic abberation' which is what's going on with the red fringe. Chromatic abberation comes in two flavors; red/cyan and blue/yellow. As suggested, and as is so often the case with Photoshop, there may be several, even many, ways to fix it - though, at least in my experience, it's tough to fix it totally. Best to avoid it from the start.
If I understand correctly, chromatic abberation can be minimized by sticking to the lens' sweet spot - that is to say the mid-range appertures and most important area of the subject near the center of the lens. This might be an issue for those of us who like to auto-expose then reframe the shot before releasing the shutter. The 'full frame' sensor on the 1Ds plus the ability to shift the main point of exposure manualy means one can, like in this image for example, have the Bison's face in the center of the lens (also the vegetation in front of its face) for greatest clarity and least chromatic abberation, and, if desired, set the auto-exposure point somewhere else - like the sky or trees in the background if one wanted to capture as many of the shadings in those areas as possible. Or expose right in the center where the animal's face is. In a pure landscape image it's nice to do multiple shots with different exposure values then blend them in PS. Harder to do here since the animal might move slightly between exposures. I'm rambling..... sorry.
Very nice picture though!