These four videos are a great description of how--and why--our common ideas about lure color might be wrong. It focuses on sea water lures, but can really apply to any waters you might be fishing because it addresses the wide range of issues that affect how lure color is seen.
If you have any questions about what he says, I definitely recommend reading through the top comments on youtube. Some of the most useful things I learned from the comments:
"Fish have a lot more rod cells than cone cells in their retina (compared with humans), so they see contrast far more clearly than us and color less than us."
"Freshwater species generally have better color perception in the red-orange and yellow-green ranges."
The main point is that size, shape, and vibration have more overall affect than color! What do you think? How much does lure color matter?