While the ability to color code your calendars has always been a feature of Google Calendar, an update from Google now lets you color code individual events within Calendars. This feature had been on the wish list of many Calendar users for quite some time.
To edit an event's color, simply click the block representing your event. When the customary bubble pops up, use a new drop-menu next to the event title to select the color of the event.
On the calendar, the block representing the event will appear in that color. If you have multiple calendars with different colors, the calendar color will remain for the title bar, while the rest of the block will remain the color you selected for the event.
This feature is especially useful for differentiating recurring events from one-off events. Have you been waiting for this and will you be using it?