How about that?! A color enthusiast can be one step ahead of his friends when it comes to guessing code names of upcoming gaming consoles!
If you are a card-carrying color geek, you probably already know that you do not define the color scarlet merely using the RGB numbers 255, 36, 0. RGB numbers are merely device values and don't in themselves describe a color unless they are accompanied by a printing condition or profile. (In a similar way, the number "4" on a toaster does not by itself tell you what color toast you're going to get.)
We can certainly make an educated guess, that because Microsoft was involved in the original creation of the color space: "sRGB", that they are intending to use that color space - and in fact that does define the color scarlet, according to Wikipedia.
However, the illustration below shows that 255, 36, 0 in the ProPhotoRGB color space for example, is a much more saturated color than 255, 36, 0 in sRGB. It's always a good policy to define your terms!