Citing a lack of adoption, software bugs and slow load times, the $41 million startup Color, from the (Apple purchased)Lala founder is failing to catch the hearts of early adopters.  This type of app really relies on everyone using it –which doesn’t seem to be happening, all of 5 hours after its launch.  We’ll give it some more time.

We’ve also heard Apple has an App called MediaStream in iOS 5.0 that has similar functionality as well.