From the looks of the pictures on FB and that page I linked here, it can go to blue, it just has a deeper red when you go to that spectrum is how I'm reading it.
Reading the specs on the page you linked to it has red LEDs. No mention of blooooooooo or any other color.
When I first saw the Corsair K90 and K60 I wanted was cross between the two so it would have the missing Macro Keys (like the K60), the full wrist rest and light up keys (like the K90). I couldn't get the wrist rest for the K60 so I never got it because that was more important then the light keys but I could lived with out the lights, but not the wrist rest so I never got the K60. The K70 has everything that I wanted, the only question left now is, when can I get it?
EDIT: Especially since I know now that Logitech doesn't plan to come out with a keyboard with a LED back light display, with Mechanical keys.