Color, one of the most talked about iPhone/iPod touch apps has launched. This isn’t just any app: Color is backed by $41 million in venture capital and supported by a website, Color.com, which cost its creators an additional $350,000. But, is the app any good?

The app, which is free in the App Store, is for location-based photo sharing. You’re supposed to take pictures of yourself and of objects around you. Then, as others are taking pictures using the same app within 150 feet of you, a photo hodgepodge is created, which is then posted in the app.

The entire process happens automatically and without the need for “attaching, uploading, or friending,” according to the Color website.

The concept is actually quite promising, assuming others buy into it. Color would work great at a wedding, concert, or family event, to name three examples, where lots of people gather and different poses would look great.

Plus, imagine being at a sporting event where perfect strangers are taking pictures and automatically a massive photo collage is created within the app. Think of tailgating at a college football game where lots of crazy things happen and you’ll get the idea.

Unfortunately, Color’s launch brings with it some immediate concerns. For one, as stated earlier, Color only succeeds if others are using it. While the app is also available on Android devices, try getting a group of people to take pictures at the same time, at the same event, and using the same app. This could be difficult to do.

Second, Color is completely new and starts its first day without one follower.

What would keep sites such as Twitter, FaceBook, or even Instagram from whipping up a similar function on their popular apps? Overnight, Color would be left to die and its demise would cause barely a ripple.

Still, Color is backed up by a team of veterans from Lala, LinkedIn, and BillShrink. And they did raise a lot of cash so somebody liked the concept, so who knows.

Color is available now in the App Store.

What do you think? Leave your comments below.