That's it. Each player has a black-and-white image on a plasticized card, with a colored image on the reverse side. At the same time, everyone looks at the colored side of their card, remembers where the six colors are in that image, then flips the card and tries to color the B&W side as quickly and accurately as they can, scoring points based on how well they color. Do this four times, then count your points to see who wins.
There's not much to Speed Colors, but it does what it's trying to do well, which seems like what you want to do as a game designer. Me, I want to make up more subtitles for this post: Race the Rainbow, Hue'll Want to Win, Learn How to Make Your Markers...