Red Velvet is delicious. It is my favorite. And yes, it must be red, but you don't have to use food coloring. Originally, the buttermilk and viniger would react, and turn the cocoa powder red. With modern dutch processed cocoa, it is less pronounced, and comes out a dusty redish color. People add food coloring to make it bright.
As for taste, its very moist, and not super sweet. Which is why I like it. It's rich without being 'omg this is sickly sweet'.
And yes, cream cheese (or cheeze) frosting is a must. Pecans pressed into the frosting is optional, but you must eat it this way at least once.
Who needs sleep when we've got love?
Who needs keys when we've got clubs?
Who needs please when we've got guns?
Who needs peace when we've gone above?