Newborn's foreskin open
Congratulations on your new baby! There is a wide degree of normal for foreskin appearance so I don't think you should necessarily worry about the opening. On occasion, some boys are even born with a fully retractable foreskin, although most are not. If the redness worries you, you can put a little breast milk on it and see if that helps. Otherwise, I'd just keep an eye on it during diaper changes.
my son's was like that too. he's almost 2 now and partially retractable -- i know only from watching him play with it. no one else has ever pulled on it at all. i think it's actually a good thing. better/easier than to have a tight foreskin that the doctors or others are going to fuss about later. this one, easy peasy.
I can't remember if ds was like this as a newborn. I'm thinking maybe, but not quite as dramatic as now as a toddler? Anyway, I've read on here about the mention of "pin hole" like opening (mostly in the context of a pediatrician's ignorance) and I'd be like, wow.. nope, not my kid! He's never been retracted either, but his opening, well, it looks very much like an opening! I've never seen his glans (or tried to). And yeah I'd describe it as a little bit baggy. He's never had any problems. Occasional redness, maybe? Nothing alarming. He HAS had some pretty horrific diaper rashes but his penis has always been fine.