Warmachine (and its sister game Hordes) is awesome, especially now that 2nd ed has toned down the insane stuff from Legends. That being said, the Iron Kingdoms is a much "smaller" world than 40K or even Warhammer Fantasy. In Warmachine all Cygnar armies ideally work for the nation of... anyone? Take a guess. That's right: CYGNAR. One nation. One armed force. One color scheme. Boring. Sure, there are some alternate schemes in the Cygnar book, but even if everyone chose from those handful it would still be monotonous.
It is my contention that each player should create a completely original color scheme for each Warmachine faction they play. Red Cygnar? Awesome. Rusty Menoth with Black armor? Double-sweet.
When I choose to make a color scheme (for anything, not just Warmachine) I try to keep some sort of theme in mind. For the Azure Flames, it was a blue Marine army with crisp, clean perfection. There's not a dirty model in the army. For the Orks it was wacky, dirty fun. When I chose to start painting Cygnar, it was around Apotheosis. If no one remembers the fluff that far back, Cygnar was beset on all sides by invading forces. It looked pretty grim for the boys (and girls) in blue. So, I figured they couldn't afford as much blue in their paint and switched to a cheaper blue-gray. I also thought they'd run out of gold and switched to bronze. It's a poor-man's Cygnar for a desperate nation melting its own silverware to pay for the wars on like twenty seven fronts. Here is an image dump of all of my painted Cygnar stuff.