Your mention of digital photography brings up a good point. Since there are many graphic editing tools out there that can make a colored photograph B&W, one has to wonder (using what you mentioned above), if taking a colored photo limits a B&W perspective or is it that any good colored photo would also look nice in B&W?
In my opinion, with color photos I tend to be caught up more in the vividness and sharpness of the colors rather than the composition. In B&W, the clarity of the composition is brought to the forefront. Eaglehawk, I like how you stated it: that color is "hot" and B&W is "cold" emotionally. Interesting to think of that way.
I hadn't really thought of which one was better, until quite recently.
My 2 children that we adopted, didn't have any pictures of them when they were babies, until a couple of weeks ago, and a member of their birth family sent us 1 colour picture, that let's say wasn't of that good a quality. We took it to a professional photographers to see if they could do anything with it. The photographer said that he could do quite a lot with it by reproducing a black and white photo of it.
I was a little bit disappointed, because I thought it would look old fashioned, but wow! the end product was stunning!
The clarity of it has improved ten fold, and I've now changed my mind, black and white definitely holds the edge over color for me.
When I look at a b / w photo I think this is old. When I look at color I think this is new, so color wins for me.