It is technically a cocoa cake, but it is made from unprocessed cocoa rather than Dutch-processed cocoa. That gives it a deeper intense chocolate flavor. Also, it is made with vinegar and buttermilk, so it has a tighter crumb and tangy flavor. The reason it is red has nothing to do with the flavor. It is supposed to be from the beet sugar that was used when it first started being made. However, now, red food dye is used to make it red to keep up the tradition.