Colors (meaning a color guard or, more precisely named, colors team), are a little different today than a few years ago, the honor guard standard is being used everywhere you look and, in my opinion, this is a very good thing: soon to be gone are the days of a color team unceremoniously stomping through a formal dinner setting or having the commander give multiple commands for the color bearers and rifle guards plus some other relatively annoying parochial issues.
The picture here depicts the position of Port Arms for a color bearer. The flagstaff does not have to be in the cup when marching- however, Port is only used for short distances and almost always indoors when the ceiling height is too low to carry at Right Shoulder (Right Shoulder for a color bearer is when the staff is in the harness cup and the right hand is at Attention).
The manual of arms (for colors), the manual of the ceremonial fire axe and the manual of the ceremonial pike pole all mirror each other and are intended to be used along with colors.
The manual of the flagstaff and the modified manual of arms, fire axe and pole for colors are completely described with pictures for each movement in The Honor Guard Manual.
On a side note, the World Drill Association will use the standards of The Honor Guard Manual for different phases of competition at WDA-sanctioned/sponsored drill meets. The future looks bright and fun!