Yesterday the Color board of directors shared with employees the plan to shut down, thought it's unclear exactly when that will happen.
And as of Oct 18 come reports that Apple has acquired the company.
--- update 3/29/11 -----
And, as we all try to figure out what Color is for, Forbes shares how easy it is to look at any Color user's photos, even if you are not in proximity. Color responds that it never promised any sort of privacy protection. I guess the company's attitude toward privacy is something else for potential users to figure out.
--- original post Mar 24, 2011 ----
Color lets you share photos with those within 50 ft. Yep, that's the starting premise. But over time it learns about you, your habits who you connect with and shares and keeps those images feeds in your contacts for longer based on those interactions. The free app launched yesterday for iPhone and Android. It's from a group led by Bill Nguyen, who founded LaLa.com, the music service Apple acquired about a year ago. Color just received $41 million in pre-launch funding from Sequoia and others.
Monetization plan? TBD.