Yes, the red one is striking and quite attractive. I owned a dark-blue PRS-500 (same color as near as I can tell) and I quite liked that color. However, when I compared all three side-by-side at the Sony store, I opted for the silver when I bought my PRS-505. I liked the clean look of the silver, and it looked like it would be easier on the eyes without the contrast of the outer case and background -- the only contrast your eyes see is the print-on-background.
But in retrospect, I would agree with Harry (once again!) that the color doesn't make a bit of difference functionally... It's all aesthetics and personal preference. Ultimately, I selected the silver one because it looked the best to me.
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