I've ridden red for years and tried a set of blues, but after a few rides they felt sloppy. That said, new red cleats feel pretty precise but after a few hundred miles have some slop in them as well.
I actually find that one's foot may roll side to side a bit due to biomechanical issues, but rotation is something different. For most riders, I've found that yellow cleats are mostly a way to cope with inaccurate cleat angle. If you get it dialed in, you can go to less float. And if you're concerned about power output, float can cause your body kinesthetically to limit power generation somewhat. When track riders have been tested on ergos with fixed cleats and then with cleats with float, the power generated (measured at the crank) was consistently higher on the fixed cleats.
Road riding used to be on slotted cleats with absolutely zero float. Track riders kept using those long after clipless pedals were popularized on the road. In recent years, it's been hard to find the PD-7400 and PD-7701 pedals that made zero float so effective and one of the most popular alternatives has been Looks or Look clones. Track riders like them for the ease of finding equipment (and because Look sponsors them extensively) but one still hears comments about lack of power. Since track racing is being dominated by the omnium, which has become almost entirely an endurance event, pure power is less of an issue these days compared to when kilos and match sprints were the name of the game.
I tend to agree that zero float can be better, I have never suffered with knee problems(touch wood) and was brought up with nailing cleats to leather soled cycling shoes......