As best I can tell, the answer is "no". There is no simple way to get the color value in IE without knowing how to parse all possible color representations. When I tried to do this, I found that I even needed to recognized all possible color names like blue. It was a royal pain, but I did work out the code for it.
My code was trying to get the background color and it will even look at parent objects in order to find where the background color is set (so it's not doing exactly what you asked for) and it used the YUI version of getComputedStyle (you can substitute your own) but this is the code I used. It does handle these forms of color definition:
#fff
#ffffff
transparent
rgb(12,45,99)
rgba(12,45,99,30)
orange
And, the code:
JFL.GetBackgroundColor = function(o)
{
var colorNames = {
aliceblue: 'f0f8ff',
antiquewhite: 'faebd7',
aqua: '00ffff',
aquamarine: '7fffd4',
azure: 'f0ffff',
beige: 'f5f5dc',
bisque: 'ffe4c4',
black: '000000',
blanchedalmond: 'ffebcd',
blue: '0000ff',
blueviolet: '8a2be2',
brown: 'a52a2a',
burlywood: 'deb887',
cadetblue: '5f9ea0',
chartreuse: '7fff00',
chocolate: 'd2691e',
coral: 'ff7f50',
cornflowerblue: '6495ed',
cornsilk: 'fff8dc',
crimson: 'dc143c',
cyan: '00ffff',
darkblue: '00008b',
darkcyan: '008b8b',
darkgoldenrod: 'b8860b',
darkgray: 'a9a9a9',
darkgreen: '006400',
darkkhaki: 'bdb76b',
darkmagenta: '8b008b',
darkolivegreen: '556b2f',
darkorange: 'ff8c00',
darkorchid: '9932cc',
darkred: '8b0000',
darksalmon: 'e9967a',
darkseagreen: '8fbc8f',
darkslateblue: '483d8b',
darkslategray: '2f4f4f',
darkturquoise: '00ced1',
darkviolet: '9400d3',
deeppink: 'ff1493',
deepskyblue: '00bfff',
dimgray: '696969',
dodgerblue: '1e90ff',
feldspar: 'd19275',
firebrick: 'b22222',
floralwhite: 'fffaf0',
forestgreen: '228b22',
fuchsia: 'ff00ff',
gainsboro: 'dcdcdc',
ghostwhite: 'f8f8ff',
gold: 'ffd700',
goldenrod: 'daa520',
gray: '808080',
green: '008000',
greenyellow: 'adff2f',
honeydew: 'f0fff0',
hotpink: 'ff69b4',
indianred : 'cd5c5c',
indigo : '4b0082',
ivory: 'fffff0',
khaki: 'f0e68c',
lavender: 'e6e6fa',
lavenderblush: 'fff0f5',
lawngreen: '7cfc00',
lemonchiffon: 'fffacd',
lightblue: 'add8e6',
lightcoral: 'f08080',
lightcyan: 'e0ffff',
lightgoldenrodyellow: 'fafad2',
lightgrey: 'd3d3d3',
lightgreen: '90ee90',
lightpink: 'ffb6c1',
lightsalmon: 'ffa07a',
lightseagreen: '20b2aa',
lightskyblue: '87cefa',
lightslateblue: '8470ff',
lightslategray: '778899',
lightsteelblue: 'b0c4de',
lightyellow: 'ffffe0',
lime: '00ff00',
limegreen: '32cd32',
linen: 'faf0e6',
magenta: 'ff00ff',
maroon: '800000',
mediumaquamarine: '66cdaa',
mediumblue: '0000cd',
mediumorchid: 'ba55d3',
mediumpurple: '9370d8',
mediumseagreen: '3cb371',
mediumslateblue: '7b68ee',
mediumspringgreen: '00fa9a',
mediumturquoise: '48d1cc',
mediumvioletred: 'c71585',
midnightblue: '191970',
mintcream: 'f5fffa',
mistyrose: 'ffe4e1',
moccasin: 'ffe4b5',
navajowhite: 'ffdead',
navy: '000080',
oldlace: 'fdf5e6',
olive: '808000',
olivedrab: '6b8e23',
orange: 'ffa500',
orangered: 'ff4500',
orchid: 'da70d6',
palegoldenrod: 'eee8aa',
palegreen: '98fb98',
paleturquoise: 'afeeee',
palevioletred: 'd87093',
papayawhip: 'ffefd5',
peachpuff: 'ffdab9',
peru: 'cd853f',
pink: 'ffc0cb',
plum: 'dda0dd',
powderblue: 'b0e0e6',
purple: '800080',
red: 'ff0000',
rosybrown: 'bc8f8f',
royalblue: '4169e1',
saddlebrown: '8b4513',
salmon: 'fa8072',
sandybrown: 'f4a460',
seagreen: '2e8b57',
seashell: 'fff5ee',
sienna: 'a0522d',
silver: 'c0c0c0',
skyblue: '87ceeb',
slateblue: '6a5acd',
slategray: '708090',
snow: 'fffafa',
springgreen: '00ff7f',
steelblue: '4682b4',
tan: 'd2b48c',
teal: '008080',
thistle: 'd8bfd8',
tomato: 'ff6347',
turquoise: '40e0d0',
violet: 'ee82ee',
violetred: 'd02090',
wheat: 'f5deb3',
white: 'ffffff',
whitesmoke: 'f5f5f5',
yellow: 'ffff00',
yellowgreen: '9acd32'
};
function parseSingle(s)
{
s = s + s;
return(parseInt(s, 16));
}
var color;
while (o)
{
color = YD.getComputedStyle(o, "backgroundColor");
if (color && color != "transparent")
{
break;
}
if (o == document.body)
{
color = "#ffffff";
break;
}
o = o.parentNode;
}
color = color.replace(/ /g, "").toLowerCase();
if (colorNames[color])
{
color = "#" + colorNames[color];
}
var r = 256, g = 256, b = 256;
if (color.indexOf("#") == 0)
{
color = color.slice(1);
if (color.length == 3)
{
r = parseSingle(color.slice(0,1));
g = parseSingle(color.slice(1,2));
b = parseSingle(color.slice(2,3));
}
else if (color.length == 6)
{
r = parseInt(color.slice(0,2), 16);
g = parseInt(color.slice(2,4), 16);
b = parseInt(color.slice(4,6), 16);
}
}
else if (color.indexOf("rgb") == 0)
{
var results = color.match(/^rgba?\((\d{1,3}),\s*(\d{1,3}),\s*(\d{1,3})/);
if (results && results.length >= 4)
{
r = parseInt(results[1], 10);
g = parseInt(results[2], 10);
b = parseInt(results[3], 10);
}
}
var luminance = (0.3 * r + 0.59 * g + 0.11 * b) / 256;
return({r: r, g: g, b: b, luminance: luminance});
}