There is a sliding scale... the lower you get, the more contrast and color and the higher, the more deeper monotone. Stripping too far (usually with media and organic carbon) can result in lightening and then death if gone too far. Having too much can result in browning and then death if gone too far. For me, best color is near NSW levels at .1n and .01p, which my tank handles on it's own without any media or organic carbon.
Light quality is a huge issue - coverage and spectrum. MH and T5 have higher quality light and have better colors and coverage than LED. While even the nicest LED tanks that I have seen are only about 75-80% of what they could be under better lights, I can see why some people do not care since they love other things about LED. If you run LED, the best thing that you can do for color is to add some T5s - addressing water issues will be a drop in the bucket compared to this.
Don't count on ICP too much. ICP might be the new false-positive of this generation, but only time will tell. It cannot measure maturity of the tank, which has all kinds of non-measurable benefits. It also does not measure stability or lighting. All-in-all, if I wanted the best color, I would rather have best of breed lights and middling water quality rather than have middling lights and the best water quality. Alas, they are not mutually exclusive. :)