I have a black leather smart case on a black iPad 2 (both colors have the same glass on top) and there is no bleeding and no issues. Of course the leather side never touches the face of the iPad anyway.
Yea I know they both have the same screen and yes the leather side never touches the screen, however on the red cover both sides are red. Some has said that this red material has rubbed off onto their white devices. So I was just wondering from the acutal owners who had both red covers with white devices how there's looked. In your case black on black, of course its a non- issues.
The 6th review was one of the ones that had me concerned, plus I read it somewhere else too.
iPad Smart Cover - Leather - (PRODUCT) RED - Apple Store (U.S.)
Only the bezel is black, most of the display is not. I have no black stains anywhere. And I can assure you that I have no black residue or oil stains on my fingers after hauling the iPad around in the black leather smart case for the last couple of weeks.
Maybe the red cases are different.