I can't even believe the discussion of "color" fonts has gone on this long; it is a completely ridiculous idea. Designers already use color in their work, as it is just another device for displaying hierarchy.
By adding color to a primary design tool, you are turning it into a secondary tool with less flexibility in its use. Type and color live on a horizontal plane, they can both be used to convey hierarchy. Bold to Book, ALL CAPS to lowercase, Roman to Italic, bright red to black all convey levels of hierarchy. By creating fonts that have predetermined color schemes, you essentially lose all ability for subtlety within whatever hierarchy you are trying to establish. A "color" font is the equivalent of making a font that is ALL CAPS BOLD ITALIC STRIKETHROUGH as default; yes there may be times where that usage is exactly the correct design choice, but for a zillion other cases it isn't fitting.
The user/designer picks what font to use and what color to use if color is needed.