There is a huge debate reagrding "reds" at the moment. Currently only Police and HATO's can use rear reds, althogh alarge number of other users do.
From what I've read, the issue concerns what "red" means as traditionally it signifies STOP (traffic lights, level crossings etc) so when used on a moving vehicle it does then cause conflict. But as the whole lighing regs legislation needs overhauling it probably doesn't make much odds.
FWIW anything that improves your rearward visibility can only be a good thing.