By the way, great control, looks very similar to the Visual Studio one.
In my opinion, a Designer class with Smart Tags would work wonders on this control... You could set the color more easily during design-time that way, as well as quickly including or excluding system colors / transparent with a checkbox.
If you want to implement the Smart Tags, do a search for them in the codebank, I made a 'tutorial' about them a while ago.
EDIT
Actually, I was smart(-Tag) enough to include a dash in my topic title, so searching for 'Smart Tags' does not bring it up :rolleyes:
Here it is:
http://www.vbforums.com/showthread.php?t=552296