Not all of it, just stderr (so not stdout). This is useful because many things use stdout for regular output and stderr for error output (some things just use stdout for both, but that's not very nice as it disables doing things like this).
Whoops. I thought this was a tool for script authors, not the end user. Now I get it, and I think it's way cool. And I think J_Darnley doesn't like red.