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There are sites whose content deserves to be carved with dynamite in a steep rock face on Everest, who have been ditched by Google as if their content was only worthy of the phagiographic etchings of a dungbeetle .
So I wouldn't worry about your text colour.
I think hidden links are probably worst.
Funnily enough, in the last 'false alarm' update - you know, the one that didn't happen (on the basis of too little collateral damage I suppose) - my arch spammer disappeared.
But it's not down to his hidden text (which he can't quite throw off) - it's due to his lack of imagination I guess, and G's algo.
His site is certainly crap and empty enough to challenge me once again. So I assume he'll be back :)
<edit: this is worrying, I wanted to check the spelling of phagiography with a Google search - but there's not a single document. I hope they're not censoring Greek words as well as websites now >