In January I noticed that you could get RGB (full color) LED panels for building outdoor display screens that were almost small enough for pinball DMD replacements and started a thread over on the Pinball Controllers forum as a potential DMD like screen for home-brew projects.
Last month I saw that you can finally get them directly from China in 2.5mm spacing which is practically identical to a regular DMD so I started working on getting a board going for them. Today a new user, lucky1 arrived here looking for colorized ROMs for testing his very similar project, so I decided it was time to let the cat out of the bag and start getting some information out there even though I won't have an actual 2.5mm screen to show until this weekend.
My project is using a Teensy 3.2 (Arduino like, but much more powerful) microcontroller on a custom carrier board, and lucky1 is using a Discovery STM32F4 Board (similar processor, but a little faster and larger). Not sure what the final results of these two efforts will be at this point, but either way this is going to be an option soon, both for homebrew and DMD replacement, and they should be very cost effective either as a DIY or simple kit.