I use unittest (actually unittest2) for Python testing, together with Python Mock for mocking objects and nose to run all tests in a single pass.>
Using a method very similar to robert's answer, I have (today!) released a package that enables colour output in unittest test results. I have called it colour-runner.
To install it, run:
pip install colour-runner
Then, where you were using unittest.TextTestRunner, use colour_runner.runner.ColourTextTestRunner instead.
See how it looks with verbosity=1...and verbosity=2