You are right about the carmine red, its ground up bugs. That bit of trivia has saved me from a whole lot of calories :)
What frightens me is reading "assorted beef by products" on some foods. Of course that sounds a lot better than lips, lungs, stomachs and hearts. I am not a big meat eater, but when I do indulge, I want good muscle meat, not assorted guts.
I was shocked to see that peanut butter had its natural oil replaced by canola oil. I guess that's one reason cheap peanut butter stays uniform for months while natural peanut butter separates quickly.
When you read the labels and know what really goes into convenience foods, its much easier to make the right choices. Even buying food at the health food store does not guarentee it doesn't contain some ingredients that should be avoided.