Not red as much as it is a lovely salmon pink, as it turns out, the wool still has a bit of lanolin in it, so I spun it "in the grease" to yield a water-resistant yarn. The small amount of VM came out pretty easily, too, as I teased it open a lot as I spun, because it was fairly well-felted. What a dream though! It is soooo soft, with a cotton-y hand, and spongy (I think that is due to the high crimp, which I tried to show in this photo; it can be seen best in the large version).
After reading this thread on Ravelry, I'm wondering if maybe my prep-method and style of spinning for this yarn didn't really take advantage of the wonderful properties of Cormo. I think I might card the rest of it before spinning. But I still like the yarn that came out of it. The Cormo yielded the lovely WoolyBear style yarn shown here on the bobbin. (Sorry the color seems to be off slightly; its not such a deep pink.)
Wanna try it yourself? Here's a list of breeders in the US, which will provide some links to farms selling Cormo fiber. Have fun!