No, it's not colored in. But that's a good thing, or else the awesomeness would be too much to mentally process. Comic book artist Darick Robertson gave this image to writer Larry Young. Young passed it on to his young son in a sweet and touching conversation, which you can read at the link.
Now in all seriousness, Superman will obviously prevail in this fight. But what about a Superman vs. Darth Vader match up? That would be a great crossover!
Link -via Nerd Approved