I believe the basic algorithm is truly novel. The usage of colors is a little bit of a gimmick, but is an interesting way to store data.
I'm just not sure what I could use it for or if anyone might be interested in it.
One interesting aspect is that the algorithm is very dependent on the bit length of each chunk of the key as well as how many chunks there are. Almost like there is a meta-key.
Without this knowledge, even if you were to guess the entire key correctly, decryption fails without any indication that you were close.
As noted at the bottom of the page, I came up with the basic algorithm in 2002. I was researching several other cryptosystems and it was one of those "eureka" type moments.
So, any ideas, comments, criticism, or whatever is welcome.