Along with the game disc for PS2 and Gamecube that will have the first eight Mega Man games and the two Japanese arcade games on it, there will be a release for Game Boy Advance similar to that. It's called Mega Man Mania, and it consists of the five Mega Man games that were released for the Game Boy. Yes they will have color. Check out the information here:
http://www.capcom.com/xpml/game.xpml?gameid=750069
There's also some new information on the PS2 and Gamecube versions of MMAC.
PS2:
http://www.capcom.com/xpml/game.xpml?gameid=750068
Gamecube:
http://www.capcom.com/xpml/game.xpml?gameid=750067
Judging by the special features, I think I might get the Gamecube version myself, yet something tells me that each of the two versions will have more special features that the site doesn't even list, and each version will have those features the other doesn't. If I wanted to see clips from the cartoon, I can just buy the DVDs, which have all the episodes.