It's comparable to Reapers SWS auto color extension. How it works is best explained by example:
E.g. filter is: kick, snare, hihat, drums -> color red
E.g. filter is: synth[0-9], lead -> color green
Now, if any track name contains the string "snare". E.g. snare1, softsnare,hardsnare,... it's color will automatically be changed to red. Beside this very simple filter, it's also possible to define multiple filters using more complex filter strings that may include wildcards / regular expressions. For more details have a look at the PDF manual.
Renoise Tool Link:
v1.01 initial release
v1.02 fixes midi binding
Edited by Airmann, 12 March 2012 - 03:08.