I see there is a comparison between the Red, Blue and White 2:1 but I couldn’t find a comparison between the Red Dimmer and the Z-Wave 2:1. I have a RD that I suspect bought the farm. The RD was doing everything I wanted from it. Any reason to pay the $60 for a 2:1 (Z-Wave or Zigvee) vs. just getting another RD?
The 2-in-1s are actually available is the main difference, I’d say. 
That being said, as a dimmer, I’d say they’re fairly similar with the addition of some features (more LED bar effects, for example) and the resolution of some quriks the old manufacturer left in the firmware (e.g., notably step-y dimming). The hardware is also different, being a different manufacturer (though they look substantially similar on the outside), and may play better or worse with certain bulbs, as various dimmers do.
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Unfortunately like Bert pointed out, the old Red Series isn’t available anymore (and to be honest $35 isn’t a great comparison point despite it being there on the product page…I know even a few years ago when I got my switches they weren’t that low). Now it’s either the new Red or Blue 2-1’s if you want something that’s in stock.
In terms of what changed (again on top of what Bert mentioned), they went from the 500 Series Zwave chip to the 800 Series, which also opens up the potential for Zwave LR firmware as well as more memory too (seem to recall them starting to run up against that). A ton of additional parameters, Red Dimmer vs Red 2-1. No more heat sink tabs and less depth too is nice. That lovely LED bar with individual LED control, etc too.
Obviously I can’t speak for Inovelli or with any knowledge to their pricing, but keep in mind the supply shortages that came with covid, along with the newer tech means we’re probably looking closer to the new normal. If you want essentially the same in terms of the above feature set but to save $10/switch, the Blues are $50 not $60, but that’s also going to depend in part on if you have Zigbee set up and that mesh as well. I get that can be a bit harder though when you were happy with what the Red was doing before and you may or may not want the new features too.
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I saw the price and missed the Sold Out below it. If they are permanently gone, why is that page even there?
Since it looks like the Blue possibly/probably? is going to get an upgrade to Matter some day is that the better buy? I know the Red 2:1 is long range capable, but so was the 700 series Fan + Light, but that never happened.
Red 2-1 has long range capability built in - it’s waiting for hubs to support LR before it’s usable.
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If Matter is important to you, I’d wait to see what happens there re firmware for the Blues and if it’ll be possible to update them OTA or how that process actually works. Also would keep an eye out for what happens with the White series.
Personally, the Blue was a better buy for me because it was in stock and is a little cheaper than the Reds. I have a decent mix of Zwave and Zigbee devices and ultimately wanted the switches to help as the backbone to that mesh. Ultimately both Zwave and Zigbee devices are going to keep working for you as long as you’re using a compatible hub even if Matter takes off, and the Red and Blues are both solid switches.
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Thanks!
Here’s my 2 cents. Everything already said is true. I have both. The new ones work great, but… they don’t look good next to the old ones. The LED bar colors are completely different. I was lucky and bought 2 of the 2-1’s so I just moved my devices around so the two new ones were in the same box. Just a consideration of you’re adding them to a existing installation like I was. Maybe it’s just my OCD but I couldn’t live with a red and a 2-1 in the same box. Both of them in the same box, perfect.