The Jared Company has a handy application in beta. The idea behind the application is very smart, I like what they've got in mind. WhoIsIt was made to instantly notify you of who is contacting you via any method. After you've got it installed, simply open the application up, assign a specific person to a specific color and you're set. The rest happens when that specific person that you have assigned contacts you. The LED blinks in the color that you have assigned that person, that way you know who it is off the bat. This is one of those applications that are so simple, it's incredible that no one has thought of it previously.
I'll state again the application is in beta so there are kinks and what not that The Jared Company has to work out with it, but it's certainly headed in the right direction! WhoIsIt requires OS 4.6 or above to operate. While on the BlackBerry Storm, you must also disable compatibility.
BerryBuzz lets you pick colors for certain people? I think it only lets you pick for certain things... Like Email or Phone or Text, not people. I could be wrong, but I am like 90% sure it doesn't have a person feature.