I have never worked with it before. Does it color as good as buttercream? Or will I have to use more or less of coloring to get a color that I want?

It colors great for me. You can look at my Texans cake in my photos. That was done with cream cheese icing.

CC adds a hint of ivory to the finished product. Great if you need an off white.

Yes it colors great. I used the recipe from designmeacake.com

Duplicate post, please also see:

http://www.cakecentral.com/cake-decorating-ftopict-638531-.html

HTH