The 20K OCI's I've done, the oil was pretty dark and would almost look black at first glance, but on a bright white towel, very deep dark amber brown is a better description. Even the Volvo last time (with a lot of fuel) was this same color - BUT that fuel was transitory condition, not over the entire OCI.
One of the stranger colors was RD-20 in the Honda Ody. It got a little dark at the end of the (~10K) OCI, and had a deep rich mahogany color - which must be from the additive package.
I do notice (and have been poo-pooed) - when a customer changes over to Amsoil, the first few OCI's the oil will darken pretty quickly in the OCI. My assumption has been that is clean-up, because after a year or two of this (2-4 OCI's) the same oil stays more translucent and lighter in color for longer than initially.
It's all been touched on in this thread. Blow-by, combustion, oxidation, additives (including oil dye itself), VII breakdown, clean up of the previous oil, etc, all contribute to the visual appearance of used oil.