Here's the thing, the domains of most successful websites are somewhat informative about the service that the website provides. It doesn't matter how abstract or strange the name may seem. For example, look at sites/services like Reddit, Digg, Facebook, Twitter, Dropbox, Netflix, Mint, and Yelp. All of those sites have names can be derived from their purpose. How about Color? That name is totally ambiguous and thus loses effectiveness.

What if Facebook was named "friends.com"? Sure, it probably would have been cool to have such a simple domain name, but Facebook is more effective because the name signals purpose.

In short, it's not only about the "prestige" in a name, it's about what that name signals. Color signals nothing.