In my opinion, which shouldn't be held in the highest regard, I'd say no.
AE is a great package and I believe it is much more robust than Boris Red. While Boris Red does seem to have some of the same features AE includes, I don't believe you will get as good results as you would with AE. I will say that it seems Boris Red would be a suitable switch over if your main line of work is video editing with the occasional need of transitions or subtle effects here and there.
After checking out their site and the gallery it seems like Boris is much more based around using presets and kitchy effects than actually creating nice motion graphics.
So in terms of actual motion graphics/animation and even compositing I'd go with AE over Boris any day of the week. But that's just me, other people might be more comfortable with Boris and they might be able to achieve the same results I would with AE. Boris Red is a more intuitive program if you are coming from a filmmaking/editing background and it's included in the Avid production suites.
So in the end I think it all depends on what line of work you're coming from. If you're not looking to be heavily involved in motion graphics / custom animation / or compositing then Boris might be a little more user friendly.