Personally I like the classic navy. The red to me is a tad Minnie Mouse. This is a classic look, but from some ensembles I have viewed online, this can be overdone. To avoid a diaster, I recommend to pair with solids.
Here are some of looks done right.....
Polka with an edge.
J Crew Top paired with their mint jeans
Oh so simple cami
Paired with a pop of color
Sheer Black instead of Navy
And lastly red...paired with white pencil pants.
To view J Crew's Polka Dot Collection....click here.