The only significance of the red heifer to Israeli Jews is to prepare for the resumption of sacrifices in the Temple (as yet to be reconstructed). It's a requirement for the priests to be "purified" in order to enter the "Holy of Holies" in the Temple, and, iirc, it's blood would be used to purify the instruments used to perform the sacrifices in the Temple.
In and of itself, it's not a sign of the first nor second Coming, but is rather a technical hurdle which allows the adherents of Judaism to once again begin performing their religious duties (up until now there have been no red heifers in Israel, or something to that effect...)
That's the way I've come to understand my reading of the issues related to it. Other FReepers who know more about this than I do are welcome to correct my corrections.
:) ttt