Ok, while I still believe I am correct in what it is I am
trying to say, I think I do see the error of my way in trying to explain it
I was incorrectly taking it as
Vyse = Blue line
Vyxe = Red line
Note to the Newbies.. Do not take anything you read on Pprune and esp. anything that I say as gospel 
RENURPP
I agree with most of what you have said except for
V2 for a lower weight on the same runway is often higher.
Isn't V2 a calculation off the stall speed, with the stall speed reducing with weight (genuine question)?
Spoilher
There's absolutely no room for error maintaining red line
Agreed. Still does not mean you can't go there if it is going to produce the performance
required (not performance desired). I am only talking about if you have done all you can and you are still going down and you are in dire situation straying two or three kts from the Vyse or Vyxe could make all the difference on the day.