We use the colorization feature extensively, as illustrated in this more complex example, with these conventions:
White - solo vocal
Blue - Solo with harmony vocal
Green - Other vocal in backgraound
Yellow - Inline chords
Red - Other notes like note hints, flow, etc.
The text colors are changed easily by highlighting a section in the web interface and using the color widget to apply the color.
We have settings Chord Color = Yellow, and Bracketed Chords = Inline to acheive the automatic chord coloring.
See second image for an example of appearance in the web interface.
It all works great for rapid comprehension with just a glance while playing.