The dark/light theory is about the contrast against the sky that fish see when looking up at a plug. It makes some sense if you think about what they'd be looking at from the water.
Also, someone posted a link to a study here a while back that claimed that bass did not differentiate between specific colors, except for chartreuse. I can't figure that out, but I remember reading it.
In my limited personal experience, I've found that yellow and white/pearl seem to work well both night and day with topwaters and sub-surface swimmers. But, I've also done really well with black darters at night.
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