Assuming there is a red iPhone, and if the pictures we've seen by some chance do turn out to be real, I don't think it really has anything to do with product red. That picture looks more like a burgundy color than a deep red like the product (RED) iPods have. There are several PDAs that come in black, silver, or red (I think maybe the Blackberries at least?)... so it could just be Apple trying to provide similar color schemes.
But of course, who knows....
The photos you are referring to are fake. It is a nice mock-up, but nothing more.
Based on this I don't think we can take the color in those photos as real.