Poliwag: I've never gone that far into the alchemist branch so I'm not quite sure what creates the difference between Red Lif and Lif (aside from appearance)....but they're both homunculus that the class can summon.
Anonymous3: Mine looked like a walking sunny-side up egg with some shell left in it, throw in a retarded beak and little stubbly legs and arms and VOILA!
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And yes, the red version looks very hot :)
(but I think theres no difference to the green version)