It comes down to if you have enough light at night or are willing to use the built in white LEDs as to if a Full Color camera is the right choice.
Check out this video at midnight. You see this and it looks like daytime and be like WOW I want that camera. But any motion in the frame and it is crap and will be a ghost blur.
You notice they do not show anything with motion. I can make all my cameras look like this at midnight with no other light, but we want good motion video, not still images video. This is a very nice camera with enough light at night - and as and with some light, this camera rocks. But all cameras, regardless of what they are called, need light - either white light or infrared. Simple physics.
While this camera is not what we would call a consumer grade camera and this is a really good camera, it is these games played to make it look good at night - but then a person walking by is a blur and people simply say well the camera isn't good at night. If you have the ability to change the settings, you can make it work. Just remember that every increase in shutter speed needs more light. So I can set mine to 1/250 second and eliminate blur at night, but then all that is visible is a 5 foot diameter around the camera IF I have enough light.
If your camera doesn't have enough light, a 24/7 full color camera will not be of much good and now you have a camera with no IR and even if you added external IR, the camera will not see it since it does not have an IR filter.
I also want to point out that many people have come here after buying the Hikvision ColorVu series (or any full color type camera) expressing their disappointment in the picture quality of the camera because they were expecting magic. If you do not have ambient light outside or do not like the white LED lights on, you are better off with cameras that can see infrared. ColorVu type cameras cannot see infrared, so you can't add infrared later.
Here is link to a thread of many that shows the disappointment of many thinking a ColorVu camera was magic and could defy physics. Full Color type cameras are great if you have light, but will be horrible if you do not have enough light (as is any surveillance camera).
Initial review of the DS-2CD2347G2-L(U) ColorVu 2.0 IP camera.