OK, I'll bite:

1) Why the red color? Signaling at night = red? That's just stupid silly marketing talk. Perhaps it looks more tacticool. Those who use red light at night use it to preserve night vision, not because it excels for signaling purposes.

2) As Hikermor said, if you've got a flashlight, use that, don't fuss about with mirrors. Harder to aim (close to impossible, I'd say) and less efficient.

3) Let's rehash some laws of physics: You waste light reflecting it (OK, you don't waste much if the mirror is any good, but it's still a loss). But that red color (filter) idea really wastes A LOT of your light. If you've got a LED light, you're also pretty low in the red part of the spectrum anyway. Filtering out only the red color is about the most inefficient way you can utilize the light from a white LED light (those have a pretty weird spectrum, little red in there). If you've got an old fashion incandescent bulb it's not as bad, meaning it is only very inefficient - remember, you waste any light that's not red.

In summary: Silly gadget aimed to suck money out of an uninformed market.