It has been a while, but in case you are still interested, there is a new plugin for console colorizing: Grep Console.
Works nicely with Intellij 12.
Make sure you restart IntelliJ after installing the plugin. After you will see the plugin icon in the top left corner (white-red icon).
If you are using spring boot, use Spring Boot to start your application instead of general application. Color will show up. No need to do anything else. It works for me.