In my large mouth bass fishing I've found that these two basic lure attributes, action and color, are important at different times and in different circumstances.
Action is key on reaction baits, lures that move quickly and elicit an instinctive reflex strike. A lure going by so quickly that the bass either grabs it or misses out. Fat bass grab it, skinny bass don't and starve.
Color is critical in slower moving baits, which are typically fished deeper, and trick bass into thinking they are food items. At that point, an erratic movement can trigger a reflex strike, because the bass thinks the prey is escaping.
Aggressive bass will nail a fast moving lure. I've found it has more to do with the season than the individual fish.
Fish in a cold front or high pressure situation, especially in clear water, will follow a slow moving lure, but won't strike unless the color is right. That's why, out here in SoCal, we fish drop shot and split shot and light Carolina rigs with weightless plastics when it's tough. But in late winter, spring, and summer, we can throw chatterbaits with the best of the "good old boys" from the southeast, and hammer the agressive, high metabolism bass.
Action in a soft plastic, if it's subtle, like the Basstrix paddletail or the fluke, can combine the two, but, even then, you may get bit for different reasons during different seasons on the same bait.