Certainly the right colour on the right girl can be extremely attractive. Unfortunately, too many girls use either too much, or the wrong colour, or both. Something subtle is always more alluring than a mass of bright red.
The right shade can look stunning on someone, but the smell of lipstick and its ingredients really turn me off. That's why I tend to stick to more natural lip balms that have a hint of colour (and SPF). I love red lips for nights out and wine-coloured lips for fall and pink lips for dates, but generally I won't use products with questionable ingredients!