My current theory pertains to Bruno Heller's comment saying that we will be disappointed when Red John is revealed.  It can be interpreted that RJ will turn out to be a boring, predictable character that doesn't live up to expectations.

However, I think he was referring to the tension this show has built up from season 1 episode 1.  Red John has been thinly outlined as a mastermind, manipulator, and sadistic killer.  A large part of the fun of this show is watching Patrick follow his leads and find clues that may lead him to Red John.  Just looking at the wide variety of theories on this website predicting who is RJ shows that plot device in action. Red John is far more entertaining character as an enigma than a tangible person with a known face and name. 

That is why people will be disappointed when Red John is revealed. The bemusement factor will be lost and the direction of the show will become straightforward.  This leads me to believe that Patrick's list is a deception and the writers still have a few last tricks up their sleeves.