I agree that the crimson jacket looks atrocious. Yet if you took away the black braiding, I think it would look okay. In a darker shade like maroon and with less sheen, it would look pretty good. Etutee's superb post at the London Lounge has an illustration of a maroon/wine one, towards the bottom.
It looks great. The black braiding ruins this crimson number because it fragments the contrast between the jacket color and the shirt color. It draws the eye away from the triangle formed by shirt surrounded by jacket lapels and bow tie, and towards the braiding. What it ends up looking like is the chain of office of an English mayor
. The eye doesn't know whether it should be looking at the shirt triangle, or at the chain.
By contrast, black braiding on a black DJ
works pretty well, as on Hugh Laurie here. Like black facings, it suggests the periphery of the triangle, although the suggestion isn't as strong. This is why Kanye's black jacket, though it lacks facings or braiding, still looks okay. It does a decent job of suggesting the triangle, though less so than Hugh Laurie's black braiding and far less than Firth's black facings. This is why I think Firth looks good; his suit respects all the formal principles of black tie while throwing in a slightly feminine twist with the scaley fabric. It's a nod to the age's discomfort with hypermasculinity in dress. Firth's ensemble shows that there's flexibility and life in the dinner suit.