Some of these answers should put the question to rest. The answer is YES
fish see color and respond to them.

http://www.pressrepublican.com/outdo...262002out1.htm

http://www.seagrant.wisc.edu/greatlakesfish/lure.html

On the other hand...

http://www.nefsc.noaa.gov/faq/fishfaq1c.html