Black vs. Colored Vinyl

I've picked up pieces of various threads about the different quality of vinyl used to make LPs.  What I've heard said is that the best vinyl to use is black, and that colored vinyl doesn't have the sonic quality of the traditional black vinyl.  Given that colored vinyl is all the rage these days and countless reissues of LPs we likely have multiple copies of anyway are hitting the market trying to encourage us to purchase yet another limited release, I thought I would reinvestigate the topic.  Anybody know of a quality resource that defines the different types of vinyl?  I heard about some vinyl back in the 70's used to make LPs that could be folded over like wonder bread being poor quality, and other LPs from the era that are solid and unbendable being good quality.  But today's market with all the groovy colors is a whole new world.  What y'all say?