I grow it, and it gets very red indeed. It's a burgundy/red hue which comes on in early summer, after the foliage starts out blue/green. Then it blooms pinkish/red. In the fall, flowers and foliage go to beige.

Check out the photos in Google Images:

http://images.google.com/images?hl=en&um=1&sa=1&q=%22Panicum+virgatum+Shenandoah%22&btnG=Search+Images&aq=f&oq=