Well, it doesn't bleed the color out... it... blends it.
It's wierd. I like it better than un AA'd fonts, as the jaggies look like ass... and anything is better than the shitty Windows Plus! style classic AA which only got stuff that was 12pts or larger.
If only they could figure out how to make it AA bitmapped fonts. Hell, Photoshop and The Gimp can do it! All you'd lose is hinting. If they offered a grayscale AA algorithm in ClearType, one without subpixel rendering, it'd be better for non-LCD displays.