TURN-ONS AND TURN-OFFS IN CURRENT HOME ENTERTAINMENT RELEASES : ****Excellent ***Good **Fair *Poor : VIDEOCASSETTES

“The Red Shoes.” Paramount. $19.95. Back to ensnare another generation: the classic 1948 film by directors Michael Powell and Emeric Pressburger (with choreography by Robert Helpmann and Leonide Massine) about love, fame, betrayal, madness and death in the ballet world. The plot may be only a sedate, heterosexual precis of the stormy relationship between Sergei Diaghilev and Vaslav Nijinsky, but the photography, the art direction and the performances of Anton Walbrook (the brooding impresario) and Moira Shearer (the aspiring ballerina) give the film an unassailable glamour. Preposterous and deeply persuasive--like some of the best ballets. Information: (213) 468-5000. ****