Like some said above, it is known as Red Hot Mamma or Chicago Opener.
When Performed well, this truly is a great laymen effect. It's called Chicago Opener because it was notoriously the opening effect for many professionalls because of it's simplicity and it's entertainment value. It really does kill, especially when performed by Bill Malone, as already mentioned.
I personally feel it's stronger, not as a opener, but as a third or fourth effect if you are able to manage the odd backed card through 2 or 3 effects, that way the change is much more magical. If the audience sees a few tricks with all red cards then the only explanation is that the card must of really changed colors.
It's also one of the highest circulated tricks on Youtube which is sad, because that's not the place for this effect. The effect, like most pick a card routines, is designed to take the audience on a mini journey to find the second card. The first change is a surprise but it's about the psuedo- "magician in trouble" phase that makes the ending that much better. The performance above wasn't too bad but could've milked the middle phase of not finding the card a little more. The performance above isn't the best performance because he didn't have an audience. This is the issue I have with people doing magic for webcams. There are only select amount of effects that can play well in that setting. Pick a card effects are not one of them. But that's another discussion all together.
By the way there are many, many variations of this trick, so i'm sure David Stone's effect is just a variation if it seems similar. It's a very commercial, great laymen effect.
.... and i absolutely hate the people making the tutorials for the tricks.. but i cant figure out anything to do about it