I've heard in Peru they're reversed....but I guess it all depends on who connected the pipes to where initially.
Also, Joe, a word of caution, don't depend on the little red and blue buttons. Sometimes they're reversed and sometimes they're not even there!!! Touch the faucet first. The "cold" tap is usually dripping with condensation.
Was in a restaurant bathroom last weekend....both knobs on the sink tap were marked "C"
I guess C for "Caliente" for Hot and C for "Cold" for Cold? But it was a Chinese restaurant so.... I dunno.
My pet peeve is people who install one-way American-style toggle switches upside down. Not such a big deal when it's a rocker switch though.