I just have a little foot-high tree that I put in the front window every year, and it has white lights. I like colored lights, too, though.
When I was younger we had a big six-foot high tree that we put together and did up in colored lights and gold garlands and lots of little ornaments every year. Sounds tacky, but it was really very beautiful. With it just being me and dad now, moving furniture and setting the whole thing up is just too much, but I miss that tree.
As for my neighborhood, among the few who do have outdoor decorations, it's pretty mixed. Some people have low-key white lights here and there, while others go completely all-out looking like they bought the entire Christmas section at Wal-Mart. (Or, as an acquaintance once said, "Christmas just pissed all over that house, didn't it?")