In the following example, the space after the red equation is much larger than the space after the black one.
\documentclass[12pt]{article}
\usepackage{xcolor}
\begin{document}
\[ a = b \]
The quick brown fox jumps over the lazy dog.
\color{red}
\[ a = b \]
\color{black}
The quick brown fox jumps over the lazy dog.
\end{document}
It appears to me that the presence of \color{black} fools TeX into thinking there is something on the line after the equation, so the paragraph break causes a spurious blank line before the text. Section 3.7 of grfguide mentions spacing problems, but doesn't really explain the situation. What is on the line after the red equation?
Note that there is already a question asking how to deal with this problem; I want to understand what is going on.
colorcommand. If you replace\color{black}with, for example,\marginpar{test}you get the same result, regardless of how much colour changing occurs. – cmhughes Mar 06 '12 at 22:13\insertsthere,\labelwould put a\writethere, all these nodes can affect vertical positioning, – David Carlisle Mar 07 '12 at 09:29trivlist? – cmhughes Mar 07 '12 at 16:58