I came across this via a Gentoo thread, and after reading thoroughly got some pretty cool ideas.
Color was the wierdest thing to interpret without a key to work off of. So here it is!
my prompt:
export PS1='\[33[01;32m\]\u@\h\[33[01;34m\] \w \n\[33[00m\]\$ '
Which results in:
username@host ~/cwd
$
With green and blue colors.