Some discussion on the color thing:
http://www.endless-sphere.com/forums/viewtopic.php?f=14&t=40616&p=936240
(anotehr cheap meter thread)
Comes down to...it's really complex. And complicated further by teh fact that not all of the LED colors tend to put out the same amount of light, either. (and even if they did, there's different brands and chip makes and whatnot, and ways of runing the display, that make them brighter or dimmer).
Basically, there's no certain way to tell which would be brighter for a specific brand/model of meter.
But in general, I would guess that Red is probably easier to see until the sun gets too bright, and then you need a hood for it to shade it, and/or a contrast-increasing lens (which is why they often use those red lenses on red LED displays, green on green ones, etc).