Update

You can use the Linux based syntax in one of your startup scripts, e.g. in your ~/.bash_profile
This gives you a nice colored prompt.

To test, just run a source ~/.bash_profile to update your current terminal.

Side note about the colors: The colors are preceded by an escape sequence \e and defined by a color value, composed of [style;color+m] and wrapped in an escaped [] sequence. eg.

red = \[\e[0;31m\]
bold red (style 1) = \[\e[1;3m\]
clear coloring = \[\e[0m\]