Item Rating(potential) and Enhancement(star) System

I kinda thought that the colour of the item name decides whether it's Rare, Epic, or Unique. Blue items (+6 stats) are "Rare", Purple items (17?+) are "Epic", and Gold items (40+) are "Unique".

Then how do you explain Green and Pink glows.

@ Fran: There are 2 versions, normal mob drops (start at 80% chance success, reduce progressively) and boss drops (starts at 100%).