At the final boss of Sonic Colors, so I've just nearly beaten the game. I was too tired to get all hardcore with the boss, so I saved it for tonight (gaming celibacy).
I have to say, Sonic Colors is THE best 3D Sonic game I've played since Sonic Adventure 2. And comparing both titles today, stripping away the nostalgia, 10th anniversary hype and "omfg, 128-bit graphics are amazing!", I'd say Colors beats out SA2. It is Sonic from start to finish. No overly long cutscenes, no non-Sonic characters getting in the way.
I did notice how they went about adding filler to Colors, as it felt as though only 2 acts were comparable to a full on Unleashed day stage or Sonic Adventure 1/2 action stage (aka true stages). While the four other acts were more truncated stages focusing on a puzzle element, level gimmick or a short high speed platforming stage. Even then, however, they remained true to what makes a Sonic game a Sonic game. So they were filler, but they were still Sonic stages. Wise move, Sonic Team. I'd take four of these types of stages over a 30 minute werehog or a treasure hunt or a mech shooter (or fishing).
My only complaints are a lack of HD graphics and a lack of Eggman bosses. He only appears as the final boss, and the six stage bosses were three bosses played twice (albeit with differences between battles). I'd give Colors a 9/10. Probably would give SA2 an 8.5/10, SA1 an 8/10, Heroes a 7/10, Shadow a 3/10, '06 a 1/10 (lol) and Unleashed a 7/10.