It has to be the right shade of red, and the right shade of gold, but it works great IMO. Maybe not as perfect as white or black, but doesnt mean it looks wrong...
You may well say "Hey, thats champagne, not gold!" but it's actually gold.
As with all wheel/colour combo's anything can work really, as long as the theme is continued throughout the car and the styling is done tastefully. And it's all personal preference at the end of the day.
Gold/White wheels > Silver any day (my personal preference).
*EDIT* - The RX8 Image was the first I came across. I was trying to find one of a red S14 Silvia on gold BBS LM-GT's but alas, I can't seem to locate it anymore. Needless to say, It does seem that the Japanese scene manage to pull off the colours better (I think it's due to them having the balls to try the weird/unusual stuff).