I suppose it's easier to misuse colour film. I'm personally a big fan of black and white films. Part of their appeal is undoubtedly nostalgia for the past, but this is surely not the only thing that marks them apart from colour. Not being an expert (like wvq), I'd like to see what others think.

For a direct contrast, Lindsay Anderson's If.... is a film which intercuts b/w and colour film to remarkable effect - and reputedly because of restrictions on the film's budget. If you don't know it, check it out.

For me, colour is not at all essential to make a film enjoyable.