Problems with LCDs do happen, but only for some people. I've never had an issue.
I've read on both the classic and the color, and prefer, overall, the color because the contrast is a bit better. However, in direct sunlight, the screen does wash out and can be hard to read. In a bus, I wouldn't expect a problem, since you won't be in direct sunlight, but preferences vary. Some people also complain that the brightness doesn't go down far enough for darkened rooms, though I can't complain on that.
Regardless of which one you get, it's a good idea to keep the WiFi turned off if you're not using it, to extend battery charge times. I get 5-6 hours of continuous reading on my color, with the brightness turned all the way up. If that's not enough, the classic might be a better choice.
The main reason to buy the color is because you need color.
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