Hmm. Sounds like I was wrong since I don't think they've changed much in the last couple of years. Don't know what the "external" roller bearings do vs Internal but the Red Band supposedly has 3 sets of roller bearings where the Standard hub has just has one.

There's a doc that explains the differences but it may be dated. It also claims the Red band is more efficient in every gear except 5th. Not sure if it's a difference that anyone would notice. I seem to remember something about Alfines and Redbands being rated for offroad use. Not that it matters in this case anyway.

http://poehali.net/attach/Differences_Between_Hubs.pdf