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Yeah, here's my take on it:

Red Ocean: you're guaranteed there's plenty of fish in that part of the ocean, but you have to fight other fishermen...sometimes to death.
Blue Ocean: you're the only fishermen, but you have to prey to Gods of Olympus there will be enough fish in that part of the ocean.

As for Switch...I'm not sure, I don't care for handhelds, mobiles are slowly killing that market, so my initial reaction was that it won't do too good...but then again, Malstrom seems to like it, and he both predicted Wii's success and WiiU flopping...so it might do well.