**updated 2/6/13 with pictures at end of post to help show the shade of red of this blazer**
My red Zara blazer (Ref. 7659/682) arrived yesterday and it is just as I'd expected. Actually, I like it even more than I thought I would. I was a little concerned that the slightly puffy "gathered" shoulders -- while perfectly fine for a 30-year-old Duchess -- might be a bit much for a *ahem* slightly older mom of three who is not dressing to be photographed at public engagements. No... Zara got it just right for the rest of us too.
The red looks to me to be a true, velvety red. The fabric (polyester, viscose, elastane), while not high end (it's a $99.90 Zara blazer), does not at all appear cheap in my opinion. The smooth, flat weave is just right in this color... nice medium weight. The golden buttons add just a smidge of regal shine and they've included two extras sewn into the lining. It was sold out there for a sec but is back in stock in all sizes except XL as of this morning. Mine is a Medium - my typical size in Zara tops. I usually buy Smalls or 4s in JCrew, Banana, etc, for comparison.
I'm so happy with this one, I have the Blazer with Golden Buttons on the way. I'll let you know how that one works out when it gets here.
You can see pics of the Duchess of Cambridge wearing this blazer at the London Olympics at What Kate Wore here. I'll be putting together some Polyvores soon.
I've added a couple of pictures below so you can better judge the shade of red of this blazer. Here it is against a Louboutin sole, Converse sneakers, and Revlon nail polish in #680 Revlon Red: