New Horizons is able to transmit to Earth at only about 2 kb/s (I might be slightly off). So right now, and for about the next week it will be sending back essentially thumbnail images (in addition to science data). These are JPEG-compressed, and during this stage will only be from the panchromatic (b&w) camera, which has a higher resolution. Later this year it will begin downlinking the full set of uncompressed, full-resolution images, including those in color. The full dataset is expected to be about 60 GB and will take about 18 months to downlink.
EDIT: LORRIs images are true, Pluto is actually pretty bright (the sun is amazing) and the camera is great (science is a amazing).
http://blogs.discovermagazine.com/badastronomy/2012/03/15/ba...
"The human eye can function from very dark to very bright levels of light; its sensing capabilities reach across nine orders of magnitude. This means that the brightest and the darkest light signal that the eye can sense are a factor of roughly 1,000,000,000 apart. However, in any given moment of time, the eye can only sense a contrast ratio of one thousand. What enables the wider reach is that the eye adapts its definition of what is black."
Pluto is 30-50 AUs from the sun, so ignoring the effects of any atmosphere, there's "only" a factor of 900-2500 more sunlight on Earth than on Pluto (sun vs full moon is 400,000:1 or thereabouts)
It turns out that the day on Pluto is like dusk on Earth. Check out this great page from NASA: it will tell you the time (for your location) where the daylight will be equivalent to the daylight on Pluto: http://solarsystem.nasa.gov/plutotime/
You can also see photos other people have uploaded, giving an idea of what Pluto daylight looks like. Surprising bright.
For me, it's something like 8:15pm when the daylight is equivalent to Pluto.
I suspect they can probably synthesise true colour-ish by comparing the monochrome images to the blue and red ones; subtract blue and red from overall brightness, and what you have left is green (ish).
Enormously technical nigh-incomprehensible paper here: http://www.boulder.swri.edu/pkb/ssr/ssr-ralph.pdf
If they had a bigger probe, they could have used color filters to take 3 pictures and then combine the resulting images into a single one with color information. Size and complexity constraints probably prevented that.
The main limitation is time. They're blowing through in a couple hours. Monochrome data is faster data.