This is possible, but unlikely to be implemented in CPython by the core devs. Bpython is just the shell, and its presence has no bearing on the output of python scripts. To implement it, I would track down where in cpython, or pypy's source error handling is dealt with. Terminal colors can be implemented with ANSI escape codes, which aren't implemented on windows, but will work on all major *nix's includig OS X.
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