Red dots definitely have their place. They are excellent at high speed, low light and at non magnified shots where both eyes are open. Its almost magic how it happens, but it just makes sense once you use it.
However, there are some drawbacks to red dot, such as the non-magnified part, and the dot size dictates the split second speed of dot acquisition - fine balance between speed and accuracy in this instance. Also it is a poor choice for wing shooting and most non-slug shotgun applications.