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X11 and SVG both support a wider range of colors than those supported by the current color editor - in fact it's very rare that someone actually wants pure red, blue, orange, etc. It would be preferable to support some standard color names. One potential option: See http://www.w3.org/TR/SVG/types.html#ColorKeywords (I think this is actually the same list of color defs that X supports)
Passing property editor issues to new owner, Jirka
It's not planned for long time. It's fair to close as WONTFIX
What I'd suggest is using http://colorchooser.dev.java.net - we already bundle it in the PaintApp platform sample. It is a far easier to use color chooser, requires a single mouse gesture to pick a color, and much better for choosing non-primary colors than what we have.
If someone wants other color than pure red then they would probably pick color from HSB tab or Swatches tab...