Yesterday I made Cake Man Raven's Red Velvet cake recipe that is on his website. It turned out so moist and delicious. The only thing that I changed is that I used much less red food coloring (about a teaspoon in total). I got many compliments on the cake when I brought it to work.
I finally mastered red velvet and my customers love it. I use 1 1/4 cup of oil and it helps. Also if you over cook it that will dry it out. I take mine out 2 minutes earlier than usual and when I take it out of the pan to cool and its almost cool I wrap my layers in saran wrap.