It is easy to dismiss the HyperX Alloy FPS RGB as a minor update to the older Alloy FPS; the addition of RGB LEDs compared to single-color red backlighting seems like it at first glance. However, there are more changes that make it a different enough user experience, especially when we consider the overall package of hardware, accessories, and software. The biggest change, I would argue, is the move away from Cherry to Kailh with the use of the newer Kailh Silver Speed switches marketing it more to gamers. Having no switch choice does hurt, but other things add up to this marketed application well. Take the detachable cable, for example, making it easier to transport the keyboard to events or even customize the cable to show off at said events. The smaller footprint compared to the average "gaming keyboard" also means it is easier to move and use on desks, although this is not necessarily for gaming alone. The software driver, and especially it being a unified driver, is a new addition as well and allows for more customization over functionality and lighting than before.
The driver implementation is not perfect, however, with a massive 1.2 GB of space required even before other devices come into play. The various options should be organized better to prevent a case of too much, too soon for the average end user. HyperX does help out with the use of help cues on every single page, and a bug-free experience is still precious even in 2018. The minimalist design of the keyboard combined with the ability to store profiles onboard, change key assignment completely, and turn off lighting allows for a stealth keyboard customized to your desires, one capable of fitting into any environment. Build quality is decent enough to where that is not an issue in my books.
If I had to describe the Alloy FPS RGB in one word, it would be compromise. There are things added and/or retained from the non-RGB version that are not perfect, but good enough for many. I think I would have rather seen HyperX add data pass-through over USB, and perhaps use the replacement keycaps out of the box even if it would make for an increased price point, if only to better distinguish it from the usual mainstream offerings. As it stands, it is in a confused spot even among HyperX's own peripheral options and does just enough because of its lower price point in direct comparisons to merit a recommendation.