Something that is not reaching the coolness level of its next readily available equivalent. Much as the Red Panda will never possibly be able to compete with the Giant Panda. For, as we all know, the Giant Panda is one of the world's most epic animals. Can also be used to describe anything lame.
"standard def TV is so Red Panda bro".
"tonight was gonna be awesome...but it went all red panda"
"not cool man, that was so red panda"