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...An assassin, if they wear armor at all, should blend in or wear dark colors so as to better conceal oneself in the shadows. I don't think red should even be considered unless you're an assassin that only attacks outdoors in the fall.
It's contextual. At night the Shrouded Armor doesn't stand out at all. I only wore mine when the job allowed me to use the cover of shadows or the night. This is a screenshot of me making my exit off of the Katariah after assassinating you-know-who. As you can see the coloring is hardly conspicuous at night. It's even less so if you use a realistic lighting mod like Climates of Tamriel.