The problem, of course, is that most of this color discussion (as has been already stated) is merely speculation. So while fun to discuss, it likely has little relevance to whether or not we each experience successful fishing, witness the differences in personal experiences shared on this forum topic. There is some stuff we do know, provided by detailed examination of the largemouth bass' eye from studies such as the 2002 Kawamura & Kishimoto paper which appears to be the most recent and heavily cited example in literature. From that study we know the following:
The occurrence of C-response provides direct evidence for the possession of color vision. In this study, therefore, it is concluded that the largemouth bass can discriminate colors.
The dominant L-response with a maximum at 673nm and three variations in C-responses might indicate a better color analysis at longer wavelengths, implying that the largemouth bass is able to discriminate red better than blue.
In the largemouth bass, the visual axis is found in the nasal-temporal direction and the near point is 13.5 cm, indicating that sharp image formation is not performed when an object comes closer than 13.5cm from the eyes. This near point is slightly shorter than those of other teleosts.
The retina of the largemouth bass is specialized to both movement and form perceptions.
Part of the problem is that while science can determine things like optimal color sensitivity (red) of a bass' eye, that doesn't necessarily indicate that the color red is therefore more attractive to bass, since attractiveness is determined only behaviorally, and behavior is largely an adaptation to (specific) environment. As such, it wouldn't be unexpected to see angler color experiences that seem to contradict each other (or the research), and it therefore shouldn't suggest that one example/person is right and so the other must be wrong. Then there are the areas of inconsistent opinion or (dis)agreement amongst even the researchers themselves on subjects like UV perception by bass.
Of course, this is all part of what makes bass fishing so interesting. Ultimately, each angler has to determine for himself how important (or not) any of this "color stuff" is to his own fishing.
-T9