It looks like there are 3 light emitters in the LED -- red, blue and green.
In the video, it goes in this order, and pretty quickly, with a nice fade effect.
blue green
blue
off
all three
red green
red
I have to say, it looks pretty nifty/interesting to play with.
Remember the arc rbg? this was a aaa flashlight that flashed red blue and green and, two colors, and all three colors at once...can't remember the order but i can pull mine out later for the details.
its neat that someone else is coming out with a multicolor flashling led light....might even make an handy emergency beacon
I got a few from Dae a while back and the made the mistake of using two in the presence of children. The little devils made off with them in 15 seconds flat.
I bought one of these from LightHound the other day. My 4 year old likes it. 3 LED's that change from one to the other slowly, then quickly, then flashing, etc. Not very bright at all, although their white ones are bright and I bought a bunch of those.