As to color, one thing to keep in mind that all sands get darker over time as wind blows in dust, etc. That bright white will be less so in just a few years time if that's the best way to go. Sometimes it even goes rust if you have iron in your water, etc. So, you can figure you go whiter to make up for it, or that white sand is a total waste if its going to brown out anyway. I have seen the call go both ways.
A lot depends on your area. Up in MN, as Brian probably found out the native sands are very dark brown. Frankly, it does look pretty bad. I (and probably most golfers) don't mind a nice light buff, which was never a problem to find in either Chicago or most places here in TX. However, all my MN courses have imported Best Sand from Ohio. We did find a cheaper white sand in NW Wisconsin for the Quarry, but it caused buried lies and they are now out of business anyway (at least I couldn't find them when I tried a few years ago when we started Superior National)