I have to have a tree with colored lights!
Our family room tree is colored lights, and that tree will have all the fun ornaments on it like my Hallmark ornaments, Disney ornaments, Sports ornaments (for DH) and things like that.
Our living room tree will be pre-lit with white lights (first christmas in this house, I haven't bought the tree yet) and will be decorated all in reds and golds, definitely a much fancier tree. So, I guess we will have both, but with only one tree I would choose colored over white.