Where it diverges from its predecessors is in offering a new appsharing feature -- which simply gives you the ability to invite your friends, via Twitter, Facebook, or email, to download an app you really like off the Android Market -- and deeper Facebook integration than we've previously seen.
Color, the name for which the company (unbelievably) holds the trademark of, started as a proximity-based photo sharingapp and in its final incarnation is a Facebook enabled realtime video and photo sharingapp available on iOS and Android, but only through Verizon.