We did a multicolor palette for our wedding -- ivory, coral, canary and terracotta, and pops of red.
Our girls wore dresses in canary, latte and terracotta ~ I did this because I had 8 girls (had 10 but 2 lattes dropped out last minute) and not every girl looks good in a single color. Nevertheless, I think it looked absolutely beautiful and really added a fun element to our wedding not to mention my bridal party looked fabulous!!
Everyone had the same style of dress, except for my daughter and my junior bridesmaid, and I gave them the option to wear the dress with straps or go strapless.
If you do go multicolor, my best advice is to really streamline the theme throughout your whole wedding to get the maximum effect -- decor, programs, invites, flowers, favors, cake, etc.
Here's some pics of my gorgeous gals: