Right, I can see the cause for the timestamp being stripped out ie. if a user has turned off timestamping in windows, on reloading the logs mIRC removes the timestamps, per the user setting.

I am thinking of changing the way the reload logs works so that it reloads exactly what is in the log and does not strip out timestamps, regardless of user settings, since even in the current implementation it's tricky to make it work perfectly.

As for the color issue, I can't seem to reproduce this. When reloading a line mIRC checks to see if the line is prefixed with a color code, if it is, that color is used as the default line color.