looks like pearlweed...
hehehe. bitaw, it looks like the real thing but i find it odd that it took too long to transition.
As to why its not too red, you will need to experiment on it.

It *might* not be because of light.
heres an interesting read on red plants and high light.
"Need" high light for red plants? 1.8W/gal, see what you think
the tank in question has about 1.8watt/gal. 24 inches high. and the lights are about 5 inches from the water.