The new cards do work in the new machines, but you have to do something to make them work. You have to install them in an older version macPro (say the April 2007 model) and then update the firmware on the card. This firmware update makes the card recognizable in the new MacPros.
And yes, it works with Color. Color was DESIGNED to work with this card.
Shane
GETTING ORGANIZED WITH FINAL CUT PRO DVD now for sale!
www.LFHD.net
Read my blog!