Now, if you check out your Miscellaneous Preferences, you'll find an option to set the tag names to a more useful reminder than the color of the tag. You can label them north, south, east, or west. You can label them DNF, or with the name of the event you plan to find them at. Whatever reminds you of what the purpose of each color tag is.
Then, wherever the tag names are provided as options (such as on the Advanced Search page), you'll see the name you gave the tag rather than the color of the tag. Search results that show a box that has been tagged--you'll still see the same little stars as before, but if you hover your mouse cursor over the star, it'll show the name you gave it as a tooltip.
On a related note, back on that Advanced Search page, you'll find options to "and" or "or" tags. These only apply if you select more than one tag for your search. Let's say, for instance, you select the blue and red tag colors. You can have the search results return all boxes that have the blue and red tag, or all boxes that have the blue or red tag. It'll default to or, just as it's always been, but you do now have the option of an and search which didn't exist before.