A user on Flickr named pHotosHoOx has been experimenting with different LED light sources and different colours to create interesting light paintings. The above photo is of an LED man with his arms out and what looks like he is using a whip, with his body made up of different colours. Using these different colours makes the image much more interesting and rich than just using one colour.
Here are a few more examples of this users work:
Using different colour LED lights to create this fireworks display
Using just a green light LED to create this green giant man, with some blue lights to create the eyes and mouth.
White LED light to create a fountain of light over a man
Images from Flickr user pHotosHoOx