If you echo text without a color specified, or you have anything with a Ctrl+O before it, the color of that text will change on the screen when you change color settings for the event (even in text that has already been echo'd).
I really like how that works, but it doesnt work if you use /echo $color(event) to specify which color to echo. I know this might be a slightly demanding request, so take it with a grain of salt, but that would be a really nice fix. It might be silly to impliment the same kind of support for Ctrl+K but just for /echo <colornum> it would be cool.