I've been looking into using Color with Avid.  I've discovered a few options: Transcode your FCP Sequence QT to DNxHD or XML (Automatic Duck), recapture in FCP and use the FCP QT in Color, or do something crazy like export a QT Ref from Avid, bring to FCP, Add-Edit at every transition before bringing into Color. None of these are as simple as "Send to Color" from FCP.

Is there another option?  Can Color import an AAF from Avid?

There is a very simple method to CC in Colour using your Avid Timeline.

Export your full res seq from Avid as a QT. Best to use a supported codec.

Export you seq as an EDL, cuts only.

Import your EDL into colour using the Cutlist option and point to your QT.

Though from testing, personally i'm not persuaded by Colour, especially the poor playback performance with HD.  The round trip nonsense to FCP is tiresome.

Another method is to export your consolidated clips from Avid as QT's and an ALE.

Use sebskys tools to convert the ALE to a batch list, add TC and then in FCP using an edl you can reconnect and then send to Color

I think I've posted this is a few places now, but as far as I can see, the best way to take an Avid edit into Color would be:

1) Export QT and EDL from Avid.
2) Import QT into FCP.
3) Use 'EDL Mirror' to apply Avid EDL (cuts, dissolves and SMPTE wipes) to QT in FCP.
4) Send to Color from FCP.

This seems to be the most workable solution (although I haven't personally tried it) as Color can't render dissolves and things. Gives the most flexability.

Color has some very good features, but still leaves a fair bit to be desired, in my opinion.