preliminary tests reveal that appending a color to the end of a list does modify the color in all versions of AutoCAD prior to R2008, however in R2008, the behavior has changed.
If the color is placed in the proper location after the layer name, the color is properly applied ... at least it is in my tests.
However, this does not apply to regular entities, nor does it apply to subentities selected by nentsel.
Once again this only applies to attributes.