Is anyone else experiencing this..? All my color assignments are gone and evening if I modify one of them, they don't show up in the list or any Smart List.
You turned on Settings > Account Sync > Personal Sync > Colors. That switches from displaying the band's shared color assignments to your personal color assignments.
Then when you edited some songs, you edited the shared color assignments rather than your personal color assignments. That's why you're still not seeing any colors.
I think what you probably want is to turn off the personal syncing and go back to viewing and editing the existing shared color assignments.
Great, exactly what could just solved my issue!