I don't notice any difference in sound quality between colored and black vinyl.
I recently stopped buying new vinyl. I have a dedicated single disc drawer load cd player in my home hi-fi rig and that is feeding a NAD Integrated Amplifier, which is going out to two 3-way tower speakers and a powered sub. It's not high end gear, just entry level stuff, but for new/modern music, the CD gets me better audio than my Audio Technica ATPL120 turntable does. I spent money on an aftermarket cart/stylus, and spent money on an external preamp. It sounds nice and charming for my CCR records and Rolling Stones and Neil Young, etc etc etc. Stuff that was made back when vinyl was the intended/popular format. But for new music... I just don't bother. 99% of the time the CD sounds just as good, costs less, requires less cleaning/maintenence, takes up less space, weighs less...
I think if you have the money for a really REALLY nice vinyl rig, it can be worth it.
And don't get me wrong, vinyl is really cool and fun to collect. I love listening to an album and looking at the artwork all big and stuff. But for most of us, who don't have $5,000+ to spend on the proper rig, I think the CD is the smarter route.
I still have my TBCU, Thickfreakness, Rubber Factory, Chulahoma, Magic Potion vinyl. but I sold my A&R and Brothers vinyl and didn't bother buying El Camino vinyl. I even sold my Black Angels vinyl (all 3) and my Tame Impala vinyl and most of my new vinyl. I have the cd versions of them all and those sound fantastic. For me, new vinyl is more of a collector thing and I don't feel like spending the money on it. The cd sounds just as good, and can be converted to mp3, and will last longer, and costs less.
Beck's Sea Change is one big exception though. That vinyl sounds so damn incredible. It beats the CD. The vinyl sounds more airy and lively and full and deep. But in most cases, I've found the vinyl is just more of a pain in the ass if I'm completely honest with my hipster self.
Sorry, didn't mean to hijack the thread. Got carried away.
"When the power of Love overcomes the love of power, the world will know peace." -Jimi Hendrix