There are things I like of both, but I do practice greyscale more frequently than color.
Here's one that I like. Though the most recent one isn't uploaded into flickr or Photobucket, and is currently on a different computer... This one is still pretty and one of my favorites. I'll update it when I get the newer copy from the computer that it's on.
It's done in watercolor.
Her name is Kadea, one of my friend's RPG characters
::Edit:: I remembered that I have the edited version on my Elfwood page, so here it be: