First of all, Bravo. Calendar view is an excellent addition to the platform. It's got tremendous potential and is already superior to many other calendar apps.
Suggestion:
The color of items on the calendar currently appears only editable in calendar view and it has nothing to do with the color of the rows/cells in grid view. While the calendar view has its own conditional formatting, why duplicate our efforts when you could instead allow the color to come from grid view that way colors can be made to easily match in both views?