Every bakery in the world declares theirs THE best. I don't know what constitutes a delicious red velvet, but I tend to use a little more cocoa powder (about 1/2 cup) to really bring out the flavor. Moisture from butter and buttermilk give a great texture to hold up to the cream cheese frosting. I made these on a sunny afternoon - waiting for my son to get home from school.
There are several recipes out there, but my favorites are from Alton Brown, Paul Dean and Ina Garten.
Need them NOW? These retail cupcake shops are ones I would re-visit.
Seattle: Trophy Cupcake or Cake Envy