Feature/revise spec

DO NOT MERGE. FOR DISCUSSION ONLY. @zdne @honzajavorek Please comment.

This PR updates the SPEC based on @zdne and my multiple discussions and refinements.

It also pulls in the current README with some typo fixes. 

@zdne I basically forked and update your branch for this PR into master. Would you prefer I just fork off of master and just create a branch the only adds the spec? Let me know.
This might be a bit confusing because the `colors` is a Property Member Type where as the `red` and `green` are Value Member Types.