There are two big components to what makes the Red Skull such a classic villain as far as we're concerned - and one of them just happened a couple years ago. First thing is first - the Skull is a Nazi and, just like in gaming, it's tough to find a better villainous group outside of zombies and perhaps vampires. It's a simple way to categorize and create a villain, but it's effective, particularly set in opposition to Captain America. Toss in an incredible visual and you have a character that is arguably the greatest fictional Nazi ever.
The second point is absolutely the most important. When you think about it, arch nemeses rarely succeed. The Joker never killed Batman. Lex Luthor has yet to beat Superman. But the Skull managed to outwit and outplay Cap, and in the end, he watched from afar as his master plan came to fruition. Steve Rogers was assassinated and the Marvel Universe lost its only true beacon of hope.
The Skull might seem a clichรฉ figure now, but he was one of the original uses of villainous Nazis in comic books. Combine that with his successful track record and great design and you have one legendary character.
10/10