Lights in red, green and blue should provide a full spectrum of light, so from that point of view they should be OK for plants, but it depends on the output as well. Personally I would always prefer a white light. perhaps mixed with a red one for "colour enhancement". I only have one tank that came with LED lighting as standard, it's a 60 litre tank and has two rows of 12 LEDs, i.e. 24 in total, one row is red and the other white. I was a bit sceptical, but in fact not only do they give the perfect amount and colour of light for viewing the fish, but plants have grown extremely well. With LEDs being so cheap these days, I'm surprised more tanks don't come with LED lighting as standard since they are more economical to run and much longer lasting than fluorescent tubes. I'm thinking of converting all of mine at some time but that will have to wait until autumn as I'm just entering my super busy work period.
I'm not sure about the light that changes colour automatically, do you mean it cycles through the colours like some sort of Christmas tree decoration? It sounds pretty strange and I couldn't say how it would affect plants.