Actually, by reading again the Rebol Core documentation (I just followed the good old advice: "Read The French Manual"), there is another way to implement a constructor, quite simple:
http://www.rebol.com/docs/core-fr/fr-rebolcore-10.html#section-8
Of course it is also in The English Manual:
http://www.rebol.com/docs/core23/rebolcore-10.html#section-7
=> 
Another example of using the self variable is a function that clones 
  itself:
person: make object! [
    name: days-old: none
    new: func [name' birthday] [
        make self [
            name: name'
            days-old: now/date - birthday
        ]
    ]
]
lulu: person/new "Lulu Ulu" 17-May-1980
print lulu/days-old
7366
I find this quite convenient, and this way, the constructor lies within the object. This fact makes the object more self-sufficient.
I just implemented that successfully for some geological stuff, and it works well:
>> source orientation
orientation: make object! [
    matrix: []
    north_reference: "Nm"
    plane_quadrant_dip: ""
    new: func [{Constructor, builds an orientation object! based on a measurement, as given by GeolPDA device, a rotation matrix represented by a suite of 9 values} m][
        make self [
            foreach [a b c] m [append/only matrix to-block reduce [a b c]] 
            a: self/matrix/1/1 
            b: self/matrix/1/2 
            c: self/matrix/1/3 
            d: self/matrix/2/1 
            e: self/matrix/2/2 
            f: self/matrix/2/3 
            g: self/matrix/3/1 
            h: self/matrix/3/2 
            i: self/matrix/3/3 
            plane_normal_vector: reduce [matrix/1/3 
                matrix/2/3 
                matrix/3/3
            ] 
            axis_vector: reduce [self/matrix/1/2 
                self/matrix/2/2 
                self/matrix/3/2
            ] 
            plane_downdip_azimuth: azimuth_vector plane_normal_vector 
            plane_direction: plane_downdip_azimuth - 90 
            if (plane_direction < 0) [plane_direction: plane_direction - 180] 
            plane_dip: arccosine (plane_normal_vector/3) 
            case [
                ((plane_downdip_azimuth > 315) or (plane_downdip_azimuth <= 45)) [plane_quadrant_dip: "N"] 
                ((plane_downdip_azimuth > 45) and (plane_downdip_azimuth <= 135)) [plane_quadrant_dip: "E"] 
                ((plane_downdip_azimuth > 135) and (plane_downdip_azimuth <= 225)) [plane_quadrant_dip: "S"] 
                ((plane_downdip_azimuth > 225) and (plane_downdip_azimuth <= 315)) [plane_quadrant_dip: "W"]
            ] 
            line_azimuth: azimuth_vector axis_vector 
            line_plunge: 90 - (arccosine (axis_vector/3))
        ]
    ]
    repr: func [][
        print rejoin ["Matrix: " tab self/matrix 
            newline 
            "Plane: " tab 
            north_reference to-string to-integer self/plane_direction "/" to-string to-integer self/plane_dip "/" self/plane_quadrant_dip 
            newline 
            "Line: " tab 
            rejoin [north_reference to-string to-integer self/line_azimuth "/" to-string to-integer self/line_plunge]
        ]
    ]
    trace_te: func [diagram [object!]][
        len_queue_t: 0.3 
        tmp: reduce [
            plane_normal_vector/1 / (square-root (((plane_normal_vector/1 ** 2) + (plane_normal_vector/2 ** 2)))) 
            plane_normal_vector/2 / (square-root (((plane_normal_vector/1 ** 2) + (plane_normal_vector/2 ** 2))))
        ] 
        O: [0 0] 
        A: reduce [- tmp/2 
            tmp/1
        ] 
        B: reduce [tmp/2 0 - tmp/1] 
        C: reduce [tmp/1 * len_queue_t 
            tmp/2 * len_queue_t
        ] 
        L: reduce [- axis_vector/1 0 - axis_vector/2] 
        append diagram/plot [pen black] 
        diagram/trace_line A B 
        diagram/trace_line O C 
        diagram/trace_line O L
    ]
]
>> o: orientation/new [0.375471 -0.866153 -0.32985 0.669867 0.499563 -0.549286 0.640547 -0.0147148 0.767778]
>> o/repr
Matrix:     0.375471 -0.866153 -0.32985 0.669867 0.499563 -0.549286 0.640547 -0.0147148 0.767778
Plane:  Nm120/39/S
Line:   Nm299/0
Another advantage of this way is that variables defined by the "new" method directly belongs to the object "instance" (I ran into some trouble, with the other methods, having to mention self/ sometimes, having to initialize variables or not).