Christ, I would rarely use character reveal if I had players who would use the RW player edition... A lot of work a lot of updating.
Of course its useful for groups, and in those rare circumstances, where I need to provide a topic information to a certain player.
All those different colours would proably be confusing though and I would mix them up anyway. Imagine 2 groups with 5 players each...
I like the OPs version better.