The red tube at the tope is a fiber optic conduit to make the central reticle stand out brightly in the daylight. For night use there's Tritium (an isotope of hydrogen) that excites another chemical and makes it glow in the dark at night.
The more commonly used ACOG's(like TA11, TA31, etc) are weapon specific--if you go to Trijicon's web site and review the models, you'll find ones set-up for a carry handle 20", flat-top 16", etc. These ACOG's--when fitted on the rifle they were made for--have a bullet drop compensator(BDC) inside that allows you to aim with little to no "Kentuky Windage" so they are very accurate and easy to use once you get used to them. There are other ACOG's that do not have a BDC and are not designated to any specific weapon. There are different types of mounts--like for a flat-top, carry handle, rail system, etc.
This is just a quick sketch--it's not meant to be all inclusive--I just got done going thru all this and got a TA11 for my 20" Bushie--I only wish I had purchased one years ago--they're great!
Hope this helps.