It's an interesting concept but I worry about those who'd eventually get lost if there's a lot of colors. Kind of like highlighters in school textbooks where rather than emphasizing certain things it became a coloring page. It may be used effectively if not very interestingly by some but I wonder about those who may go overboard with such a feature.
I suppose it's more a matter of personal preference but I hope to see some more text formatting options like font styles or line breaks and things like that. I'm unsure if bold and italics are already a part of the existing feature but then again it's been a while.