|There's more than one way to do things|
Coloring in HTML is done through lengthy <FONT COLOR="#RRGGBB">...</FONT>,
Actually, the FONT tag has been deprecated or dropped by the W3C. If you validate as HTML 4, you will get kicked for using it.
The proper way to do it is with a STYLE attribute on whatever group (e.g. a P) that you want it to apply to, or SPAN if you just need for grouping.
But I would not use (lengthy) literal colors all over the place. I'd set up styles and then refer to those by name using the CLASS attribute.
PM seems to filter out a STYLE attribute, though. I see it in the edit box but not if I view source for the preview.
The style sheet itself will have its own URL and is not downloaded with every page.
it's always possible (and quick) to download the code and use the editor of choice. It's what we usually do anyway, when we need to take a deeper look at the code and maybe run it.
I agree, that's the best solution for real listings.