The colors refer to the rarity of the item. White > Green > Blue > Purple > Orange. Also referred to as common, uncommon, rare, epic, and legendary.
Edit: Also, the numbered bar is that weapon's experience and it's unique to Defiance. When it is filled up, it gets a stat bonus. I've only done it once though and I can't remember how good the stats were after that. I think it was just a damage bonus and it was in the beta.


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