Certainly colour perception is a result of multiple things, and it's affected by what else we see in the image (hence the colour-distorting visual illusions) but I still maintain my view that colour is primarily a function of wavelength of photons and the spectral spread of the light arriving to the retina. The fact that our perception alters colours depending on different stuff doesn't make the property of colours any less real.
Leaves are green because they have no use for the green wavelengths and mostly reflect them, while absorbing the blue and red wave lengths.
A monochromatic beam of light would be identified correctly within the limitations of our system.
The fact that our brain does signal processing doesn't mean it invents all the qualities in the image we see. A rectangle is a rectangle in reality, and if it reflects red light and absorbs others (or even emits red light in otherwise dark room) then its colour is red. It's not some imaginary quantity that our brain just plasters on, it's a perceived property corresponding to physical property and I don't see how it's relevant to say that there's "no colour" in external world.
I can agree that perceived colour is a mix of not only the wavelength spread of the light but also the context in which it's seen, physical surface structure (diffuse, shiny, emitted or reflected light), environment's lighting (is the object in a shadow or direct light), but that just means our image processing facilities combine these features with each other to give us more information than just the spectral spread of light that an object emits or reflects.
The information about retina already doing image processing is interesting. I always considered retina more or less like a digital camera cell with four types of pixels, one sensitive to light and three to different wavelengths of light.
watsisname: the phenomenon you are talking of is analogous to white balance adjustments on cameras. The level of low light acclimatization shifts the white balance, so if your eyes are at different setting, obviously the perception shifts around. It's like setting one camera to daylight and one to fluorescent and complaining that the images have different colours.
By the way, almost same phenomenon can be achieved by staring through cyan/red anaglyph stereo glasses for a while. Eyes and the brain try to compensate for the saturation of those particular colours, so when you take the glasses off, the red lens eye sees things more cyan, and the cyan lens eye sees things more reddish. It is fascinating phenomenon.