Got me stumped, too. If it was a flawed pin, they should have caught it prior to his appearance. If it’s a ruby or something to represent Mass, that should have been noted by his PR people. In all of the other shots pre-debate, I can’t find that red spot in any of his lapel pins. Just odd...
http://www.washingtonpost.com/blogs/election-2012/wp/2012/10/03/whats-the-spot-on-romneys-lapel-pin/
In case you were wondering, the symbol on Romney’s flag lapel pin is the Secret Service star logo. It’s a gift from his USSS agents.