I'm British, but spend a lot of time talking to American's online, so I've got used to seeing it spelt both ways. Since I'm now older and have gotten over my hang-ups and can view it more objectively, I would say that though "colour" looks odd I think it's a prettier word. But "color" is shorter and conveys the same meaning. But then, so does "thru" so maybe we should officially change that while we're at it too?
That's about it really, I don't know which word will "win" in the end, but I was surprised that more countries seem to be officially picking up the "colour" spelling (places like Canada and Australia) so maybe that will win out. America won't even modernise its measurement system, so I doubt they'll ever recognise it no matter what happens :P
I find it really interesting that words such "mirror" or "error" used to be spelt "mirrour" and "errour" but we (UK) actually dropped the "u"
Who knows? Only time will tell!
EDIT: This article is fascinating if you want to read up about it: https://en.wikipedia.org/wiki/American_and_British_English_spelling_differences
Edited 9/17/2015 05:33:16