[ubuntu] Does ubuntu default to a color bash prompt if a color term is used?

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http://ubuntuforums.org – Im just curious does ubuntu default to a colorized PS1 (bash prompt) if your using a color terminal. Its been a while since Ive used ubuntu and I cant remember. I figured it would be quicker to just ask another user than to download a livecd and check myself. I asked on irc but they seem pretty clueless what Im talking about since nobody answers and my query gets quickly buried. (Hardware)