We have the Summer Day & Night Color Monitor and while it is very far from "perfect" it's pretty good. We wanted something that was easily mounted on the wall over the crib and with a smaller screen that could be moved room-to-room.
The quality of the picture is excellent, however we have replaced the monitor twice. We purchased our three years ago and they have made several upgrades since then and we'll likely buy their flatscreen "touch" monitor the next time around! We still use this when my son is napping so we can keep an eye on our "big boy" and make sure he's really sleeping and not playing in his room!
I wouldn't worry about the "color" component and we never really used the portable handset b/c the monitor worked well throughout our home and even outside.
**We used the 3M hooks to hang the camera so we wouldn't have to nail it to the wall***