I'm not happy with this. It's probably pointless but i have to say it. This is really important to developers, so do as a solid and please fix this!

Can someone post video how to animate color now? I completely stuck.

Status: By Design?! This is totally unacceptable.

The way i'm working with a legacy animations right now is lame but it works for me.
I simply use older Unity version for animations and then I'm adding ready animation to Unity 4.3.4 project - works fine, but any tweaks needs to be made in older version (i'm using 3.5.7 for it ) - this allow me to have 2 Unity editors opened in the same time [animation tweaks (3.5.7) and the project (4.3.4) ]
Thanks Unity for making life easier :/

This is absolutely NOT resolved.
Wasn't legacy supposed to co-exist with mecanim for all of unity4 at least? This feature is important to SO many people here who have spent hours making animations with color animation and building their projects around legacy.
People have continued to work on their projects waiting for a fix. If you were just going to ignore it by labeling it "by design" you could at least have let us known right away and not make us wait half a year to tell us you're going to simply ignore the issue.
According to Sterlingr on page 2 of the comments this is caused by nothing else but one wrong class ID and material.-prefix in the animations. How hard can it be for you to provide a fix to make something that used to work perfectly fine work again?

"If you want to animate color values with the animation window with Unity 4.3+, you need to use the Animator component. The old component (Animation) is legacy and is not in active development anymore. "

Are you serious? "Change all of your legacy animations to Animator" is hardly a satisfactory answer. This is extremely disappointing.

This is a huge problem! How could you break something so important?
I cant also add my vote to this because "voting disabled for resolved issues".
Im sorry, this issue is not resolved.

Hey guys, found some sort of workaround.
Select the animation clip, hit the little symbol next to the lock (top right), change to Debug.
In animation type, change to 1.
Now your animation is back to legacy type.
Now you need to go back to the animation and redo the color curve (because unity changed the way curves work now, the old ones will never work).

I'm really disappointed that this STILL isn't fixed after so many months. Being able to animate colors is extremely important to effect animation and more. I am working on multiple projects and I need this for all of them.
The countless newly announced features are nice to have and all, but *please* fix this crucial bug before worrying about new stuff. This worked perfectly fine back in Unity 3 >:(

I would like to add my name to all those who want to see the animation work for fade ins and fade outs.