I agree with Mr. Hirschfield here. The difference in taste between white and red is very subtle but the red does make for a more impressive presentation. Of course if you're hosting a black tie affair...well, maybe I would go with squid ink.

I think this is more of a question of nutrients, although I think the red tastes a little grassier. Different colors different nutrients. I have tried all white and red and think the taste differences are subtle as for black I just don't like the idea of it on a plate, same goes for black rice.