It really depends on the car. Butternut Yellow looks great on a 1969 SS396 Chevelle (as the photo above obviously shows), just not a preferred color for me. I've seen a few 65 GTO's in a similar color, and they don't look very good in my opinion.
I'm actually more surprised by the dislike for red! I actually prefer a dark red, or burgundy, over a bright red, but again, if it was on a 68 GTO, with hideaways, just like the 1968 Motor Trend Car Of The Year, I'll take it!