Lemonade has been around for a long, long time — the ur-lemonade was a sweetened citrus drink dating to the 10th century, while in 17th-century Paris the stuff was sold by street vendors. Pink lemonade, however, is a more modern invention created by accident by a 19th-century circus worker who dropped cinnamon candies into a fresh batch of lemonade. The original pink lemonade, which was a hot seller in circus circles, would have had a unique flavor from the candies' faint hint of cinnamon and extra sugar.
Modern , however, may or may not be different from the standard kind. In some cases, pink lemonade gets its rosy hue from the addition of red juice from fruits like strawberries or raspberries. Fans of "Queer Eye" may even remember the baffling pink served on an episode of the show.
In these instances, the lemonade most likely does have a faint flavor from the secondary fruit. If a significant amount of extra fruit juice is added, however, this may tip the balance to the point where it's no longer simply pink lemonade, but instead raspberry/strawberry/tomato lemonade. Another typical way to make pink lemonade is by adding a few drops of food coloring to the basic lemon, sugar, and water mix, in which case the flavor is identical to standard lemonade unless you have a really sensitive palate.
Still, there may be a certain psychological factor at work, since there are those who swear that pink lemonade always tastes different while others think lemonade is lemonade no matter.