What are the advantages of giving up color?

I puzzled over this question when I first read this novel, too. One of the immediate benefits with the inability to see color is that it would make racial discrimination (or preference) almost impossible. While citizens in Jonas's society may note differences in eye shape or shades of hair color, they can't really discern enough to note differences in races. People couldn't favor blondes with blue eyes (as an example from stereotypical American culture) because they really couldn't tell the difference.
Another benefit would be simply giving people one less thing to worry about. No one would care, for example, about whether his friend received a red bike while he himself was given a red bike, thus lessening the conflict between individuals. People would not need to deliberate between different colors of clothes, because they can't tell the difference. Therefore, colorblindness lessens the daily stress of individuals.
Since we appreciate the quality of color, it's hard to imagine not having it at all. But since they have never experienced it, citizens in Jonas's society simply don't know what they are missing.