I originaly was going to go with black or silver. Then I thought if I was going to pay that much for something so simple, I wanted it to stand out more so I was going to do blue. Then I switched to red cause none of the blue colors matched well.
I am pretty sure it is the button for ambient lighting, the new 2008 option. A few of the dealerships near me have stangs with it, I tried playing with it on an unlocked car and I could not figure how to turn it on. I pressed the button, maybe I needed the keys.