This is a python script which is a variation of Jeff Sharky's colored logcat script.

To use:

colored-logcat.py [keyword]

If the optional keyword is supplied, then each occurence of the keyword will be highlighted
in the output.

You can also use:

adb logcat -v threadtime [other adb-options] | colored-logcat.py

For example to just see Vold output, you could use:

adb logcat -v threadtime -d -s 'Vold:*' | colored-logcat.py

This script has only been tested under linux.