Both are very good. I think the red has a slight edge in the moisturizing department and perhaps slickness as well, but I prefer the scent and menthol of the green.
A friend gave me a tube of the blue as a gift and I shaved with it yesterday. I need at least a weeks worth to make a real determination, but I liked it. The red is one of my favorite scents, but I suspect the blue may have wider appeal.
I cannot believe that there's isn't a review in the reviews/cream section for Red or Blue.. I see the review for the old red but not the new... this is outrageous.
I haven't tried the blue yet, but I think red edges out green for me at the moment as far as performance goes. That being said my "green" was old-formula Bigelow, so I need to get a tube of new formula to do an accurate comparison.