I've been using these things for 10 years or so on trout, honestly can't say they are better or worse. They're just cheaper than stainless and don't rust up as quick as plain. When your wife ain't looking steal some of that fingernail polish and try your luck. If she doesn't catch you maybe you'll catch some fish. In all honestly blood is a smell rather than sight under water(in my opinion). I know you've buggered up a bass before you learned to cut the line. Throw him back in and floating upside down , there's no blood on him. You know it was running all the way down to the tail before you put him back. I've probably caught thousands of trout over the year, I doubt I caught any just because the hook was painted red.
Now the laser light is different my dog attacks the @#$% out of that red bug running across the floor, he can care less when I drop a hook thank goodness. If a fish is to stupid to see 6 shiny pointy things dangling under his dinner, he's going to be to stupid to see 6 red pointy things dangling about.