I was checking out
the tip about adding custom colors to iCal and came across a way of changing the text of the events as they appear in iCal. You need to edit the file "description.plist" that resides inside the different color folders (Contents -> Resources -> data.wrapdir -> Themes -> default). There are six different options (states) for you to edit. So you can really play around with this. What would be nice if someone would write a simple app that could create new/edit current resources.
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Editor's note: In playing around with this, I was unable to get it to change the text colors. I'm posting the info anyway in hopes that it might be useful to others who can figure out how to change the text colors -- I hate the white color text in some of the themes!]