First public version of colord is out
The primary objective of colord is providing system-level tool for device-profile mapping, so that session-based tools like GNOME Color Manager could interact with system daemons such as cupsd. In fact, one of the reasons colord was created in the first place was to make CUPS actually use assigned profiles for its devices that were already calibrated/profiled by GNOME Color Manager.
However colord has uses beyond streamlining color-managed printing and provides D-Bus API for 3rd party applications. In the future it could help doing color correction of display output by applying vcgt on boot-up, so that you get even color-corrected GDM login screen on UNIXes. Another logical colord's application is support for SANE. In a way colord is just like ColorSync on Mac OS X.
So far configuration is stored temporarily and gets wiped out when you power-off the computer. Richard is already working on means to keep it saved on disk for further use.
Currently colord relies on patched version of CUPS that is located here. When work on CUPS is done, patches will be sent to upstream. You will also need rather new versions of GTK+ and related libraries, if you want to build colord with a simplistic administration UI. That user interface, by the way, is not aimed at end-users, but the screenshot is above in case you're still interested. The primary UI for configuration will always be GNOME Color Manager.