The red light is traditionally used on boats to preserve night vision. There have been objective tests on the subject, which prove that the color red has nothing to do with it, it is simply the reduction in brightness. But red lives on due to tradition.
I tied a couple of different LED replacement bulbs and found one that I like. There are some pretty big differences between bulbs that are described and spec'ed similarly, I encourage everyone (given the cost) to order one to begin with and see if you like it. The ones I ended up with have a little whiter color temperature than the incandescents they replaced and are at least as bright, but consume a bit less than 25% of the power.