In my experience oil color can be helpful IF you consider all of the variables.
For instance, I've run the same brand/weight of oil in my truck for roughly same amount of miles for years now. I know what it looks like coming out of the pan... if it would come out "strange" I'd know something could be amiss, or if it came out smelling bad and so on.
But this is with all the variables kept as close to the same as possible... the average person wouldn't know (or care) enough to consider all of that- making the color a pretty unreliable indicator of engine health all things considered.