About the reticle, it appears it checks if you are actually gonna hit the target rather than showing you are pointing at it. Cause several times in the video, it was showing red even though it was ahead of the ship. Or maybe is it just lagging?
If it's the latter it's fine cause I wouldn't want the reticle to guess for me when I am trying to aim properly according to the tragectory of my target. I prefer to be the one guessing right, it's more rewarding.
Yes, the second reticule tells you where your guns are pointing relevant to the camera. It helps tremendously when targeting ships at close range.
The color on the reticule indicates the weapon's effective range. Red for maximum and yellow for minimum. If it's uncolored then the weapon is either out of range or not targeting an enemy ship.