Red Magic does not= weaksauce.
See my final post for my change of heart on the Red Mage. :)
FFV's Red magic is possibly one of the biggest wastes of time in any FF game.
More specifically: Mastering the stupid Red Mage (which requires 999 ABP for the final level) is the hugest waste of time EVER. RedX2 is, for all intents and purposes, CRAP. If it were X-Magic, that'd be really slick, but since it is restricted to Red magic only, meaning "level 2" type spells; Ice2, Cure2, etc, and below, I find it completely worthless!
So, if you're just starting out on FFV: Do NOT bother with Red Mage. DO have a character master at least 2 of the other mage classes --specifically Black, White, Blue, or (my new favorite) Time, and you'll be in much better shape!