The color LED bulbs are advertized as having 16 million colors. This is technically true, as the hardware uses, apparently, 3D 8 bit vector as format to map color.
Unfortunately, the software does not offer the whole spectrum of these colors.
Most part of the unsaturated spectrum is missing. I can not, for example, choose a slightly green white, or a very soft pink. Only strong satiated colors (with a limited degree) and orange or blueish white.
Very dim intensities are also missing. I can’t, for example, schedule the hallway bulb to be very dim at night to function as a night light.
I personally wouldn’t mind simply writing the colors on hex rgb. That’s a very simple patch that doesn’t require a major UI redesign and pleases anyone trying a very specific color outside the default palette.