Currently, the entire line in To-do explorer is blue, red, green etc...
This is quite distracting to the eye. I find it hard to glance at this control and quickly see what's what. If the colour was only applied to the matched portion (i.e. the letters TODO in blue, or BUG in red) and the rest of the line was written in the normal font, this control would be much less busy.
I've created some other usability suggestions for this control too.