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Personally the oversized, fancy, yellow/multi-colored subtitles have always bugged me, though I could sort of see how they might have been helpful in the DVD era with SD resolution video and smaller screen sizes.
However I feel in today's age with HD resolution and screen sizes being much larger on average, readability is much less of an issue. Just take a look at any major movie or TV show on Blu-ray, I think pretty much every single distributor switched over to plain, unobtrusive, white subtitles, like this:
So I vote that something similar to the above also be included on the Blu-ray if you insist on making the multi-colored ones the main subtitle track.
Just a plain, thin/smallish, white script, centered along the bottom of the screen, presented in standardized fashion. So no moving the subtitles to different parts on the screen depending on where the character is or different shades for different characters or anything like that. Just a dash in front of the lines if dialog from two different characters is on screen at the same time. Align song/sign subtitles along the top to differentiate from dialog.
It's not only about the colors, but effectively delivering the translation in the least noticeable and obtrusive way possible. Not so small that you have to focus more to be able to read them, and not so big, bright and fancy that they're in-your-face and you take notice of them. For instance in the example screenshot posted on KS I think the subtitles are much too bold.