No, it's not a red phone. It's a Product (Red) phone. They are using the death of over a million people a year to promote the illusion of activism via cause branding. I thought this fad went away with the iPod, but I am sure that one person from 2014 will appreciate that it matches their SQUA(RED) Reader.
If they wanted to reinvolve themselves in this they would make their next iPhone exclusively a Product (Red) for the first few months to maximize donations. Make the Red more compelling by giving it exclusive access to new tech and donating the early adopter tax. That won't happen because social good isn't the point of this. Apple is trying to reinvigorate sales of an old product instead of actually helping people in need.
And why can't it be both activism and a way to reinvigorate sales?
I think I can safely say that this one product will help more people in this world than I will be able to do in my lifetime.