Guess what, Val...the color coding is alive and well and being used in my DD's classroom.  Yes it makes me livid.
In fact, she was probably "yellow" today because I neglected to sign her spelling test.  I remembered it this morning after she went to school, and I feel horrible.  It was my fault, she showed it to me and asked me to sign it but we didn't go inside for quite awhile after school yesterday and I stuck it away.  Time change, nice weather, everything going on in the classroom/homework all different leading up to the almighty state assessments.  She hasn't brought home a spelling test to sign in about six weeks so I sort of fell out of the habit.
I'll hear about it in about 1.5 hrs when I go pick her up.