Just to keep it short and sweet.
If I make this:http://letsmakerobots.com/node/23768
Will it work as fast and reliably as this?:http://tiltedtwister.com/tiltedtwister2.html
Just a note, I plan on using one RGB LED instead of the 4 colors, and how do the lego sensors work? Doesn't look like they flash the different colors like the homemade one. Could i just have all the colors (white) for it to reflect the color back? Also could I just buy the Lego color sensor and make it work with a microcontroller?