If the statue does indeed symbolize that this is a neutral place/realm, it raises further questions; namely, does that mean that only neutral beings can congregate there, or that its neutrality opens it to beings of both good and evil?
The giant certainly seems to be a benevolent presence, if not one who is simply trying to "keep the peace;" although his clues for Cooper, and his apparent warnings to him, would seem to indicate that he has noble intentions.
The MFAP is more complicated. He, too, seems to give Cooper clues, which ultimately pay off in helping him identify Leland. However, he could simply be an evil being who is enemies with Bob and going according to the adage "the enemy of my enemy is my friend." If Mike is telling the truth, that his arm was an embodiment of evil, and if the MFAP is in fact a manifestation of this arm, then it would stand to reason that, the arm is evil--> the MFAP is the arm--> MFAP is evil. This splits into two further questions/possibilities: Is Mike telling the truth? He certainly doesn't seem very "good" or "neutral" when he laughs about Bob killing Laura at the end of FWWM. His motives seem more about screwing Bob over than anything altruistic. The possibility is that, whereas we see Bob and his hosts, and the Giant and his (apparent) host, but Mike only seems to apear as Gerard, and the MFAP never seems to inhabit a host, does MFAP=Mike=Gerard? If this is the case, it still leaves us the questions of, is Mike good/evil/neutral? And dependant upon which of these it is, how does it relate to the symbolism of the Red Room as a neutral ground?