I agree with MCN's comment about this resembling a TZR, in some respects.
This will, presumably, compete with the recently launched RD500lc lookalike kits for the XSR. In a way this feels more authentic to me - it certainly nods to a lot of Yamahas from that era, but it's its own bike rather than trying to mimic a specific model, if you know what I mean.
And yes, why would anyone order one in anything but the red and white?