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On your system preferences is the new option Skin Interface Mode. (go control panel -> system prefs).
There are two options:
Basic Mode will use a new drop down menu of default colors (names) for each color option.
Advanced Mode uses the current system of raw hex color codes.
Set the mode to Basic, and then go edit your skin via the Edit Skin option on your Control Panel.
The default Option is now Basic Mode. While in Basic Mode, if a current hex color you have set doesn't match one of the default named colors, it will still be presented on the drop down.
Advanced mode is ideal for advanced users that understand hex colors. The new Basic Mode makes it easier to edit colors than thinking up hex colors at every prompt. The color names presented are standard HTML 4 color names.