Yeah, that is super-pretty! I wear red eyeshadow sometimes, although only for a full-on evening look. There's three things I think you need to watch out for:
Firstly, it must be applied strongly. Applied nice and thick (consider using it wet if it's a powder shadow) it looks like dramatic colour. Applied sheer, it looks like you've got irritated skin.
Secondly, unless it's a very deep burgundy, you don't use it to contour, you use it to add popping colour. So, what I usually do is create the shape using grey or brown shadows then add the red where I want it -- usually in the centre of the upper mobile lid to create a flash of high contrast with my blue eyes. You'll see from daer0n's picture that she's used a black shadow to paint the "outer V" of her lid and added the red over the top of that for colour. Anywhere you want to add a bit of drama, red's good.
Finally, just like red lipstick, different skin tones suit different red eyeshadows too. If it looks awful on your eye, think about whether someone of your complexion could wear that shade on your lips. If not you need to be looking for another red. I like orangey tomato reds personally!
Have fun with it. Oh, and if you want some inspiration look to traditional Chinese makeup -- they know how to use red and lots of it!