Personally, I didn't think the color-coding shouldn't have been a priority at all, but people have been begging for it. I do believe the gray-ish look of the colors is form-fitted to the interface's classic design, hopefully departing from the age-old Electronica look or any cartoony colors. Personally, I still think X1 Light was the best color scheme. Cakewalk was too swift to retire that look, unfortunately. If I had my way, I'd want to swap out the default colors provided here and import the colors used in X1 Light's color scheme. Basic Red, Blue, Yellow, Green, Brown, Purple are so pedestrian. Maybe an option to tailor the brightness or hue of the default palette, or the ability to import a color-scheme, rather than having to customize the color for every color-code selection on each channel.
And although I do like the fact that the color-coding finds its way into the track wavform, I do agree with another user that it would be nice to change that to color-coding the backgrounds of each waveform vs. the waveform itself. I still find the current X2/X3 interface for waveforms harder on my eyes than X1.