The key with color is to keep it simple and stick to the classics.
Light Brown: Light brown jackets are most commonly found in the field (on roguish thirties-era archeologists) and on the plains. Part of the point of this type of coat is the range of colors that come out as the sun, rain, and grease take their toll. If you wear cowboy boots frequently, this is probably the way to go.
Deep Brown: The advantage of a darker color that isn't black is that your jacket will more likely match your shoes and look better if you decide to wear a pastel-colored button-down. But you shouldn't be worrying too much about matching your shoes (or even your belt). The best reason to go with brown instead of black is that you are naturally a bit intense looking – dark hair, deep set eyes, and thick beards can exacerbate this issue – and you don't want to frighten people. Brown is a bit more suburban.
Black: The key advantage of the black leather jacket is that it looks like a black leather jacket, which happens to be one of those great American staples. If you live in New York, Chicago, or Los Angeles and stay out late, default to noir.
Red: Three men have looked great in red leather. Unfortunately, Michael Jackson and Freddy Mercury are dead. If you're 'Fight Club'-era Brad Pitt, go for it.