Recolored is a software application that helps you with the otherwise difficult and time consuming task of colorizing black and white photos. Based on the latest developments in computer assisted image colorization, Recolored makes it possible for anyone to achieve professional looking results. To add color to a photo, all you have to do is add markings to the different regions of the image, indicating how it should be colorized. Then click the Colorize button and let the software do the rest. Currently in its BETA stage, Recolored is available for download free of charge for non-commercial use. A commercial version will be released in early 2006.
Unfortunately only available on PC. Boo hoo.