I know, I know, this has been suggested nearly a million times already. However, it'd be better than you'd think. You'd have a little color wheel containing a wide assortment of colors, and the user can choose whichever color they feel. Their account
must be autoconfirmed to change their name color and they can only change the color of
2 names every hour. This would be useful for people who have a really cool name but have a terrible color for it. I personally like my color, but I'd like mine to be blue instead. It'd fit the name, Exodus Latios.
If you were able to select / change a color, it'd look like: