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I don't think the question is really 'If a color ereader existed would it be used?', obviously if a quality color ereader was available at least some part of the general public would use one.
The question is "Is it worth the time and effort for a company to research and develop a color eink screen?'.
Which remains in doubt since tablets are fairly cheap and are already capable of displaying in high quality color. A color ereader would have to be able to display black and white as crisply as the current generation does if not better as well as displaying colors in something approaching what tablets are. Or at the very least not the washed out colors most of the prototypes.
This at a time when the battle is over getting a lighter, thinner device, and reducing the bezel size.
I don't mean to say the two goals are mutually exclusive, but I don't see them being conducive to one another.
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