I recently sold my Nikon D7000 and used the proceeds to buy a Canon EOS 60D, which I personally find to be a superior camera for my purposes; the primary purpose being street photography. The EOS 60D focuses faster and with more consistent accuracy, it has all the buttons and controls I need, and they are all in the right places. I could go into more detail about the EOS 60, but at the end of the day it's just a camera, a tool, and the tool that's right for me might not be right for you, so please don't give this more attention that it's due.
What I really want to talk about is the common belief that street photography and color are incompatible. This is largely based on the fact that the early masters of street photography all shot with black and white film. They established the style, others mimicked the style, and thus it perpetuates itself.
There are, of course, photographers who do practice street photography in color. Unfortunately, and I hate to say this, but not many seem to be good at it. The problem is that the street environment is generally messy and cluttered. It offers an overwhelming assortment of shapes, colors, people, buildings, and objects to choose from. That's why it's hard to shoot a street photo in color that--again, I'm expressing my honest opinion here--doesn't look like a hot mess.
That's not to say it can't be done. My technique, which you see mirrored in the accompanying photos, is to isolate. One way to isolate is in how you frame and crop your images. Another way to isolate is to use high contrast lighting as your friend. Expose for the highlights and use the resulting deep shadows to hide distractions and create graphic compositional elements.
It also helps to have a basic understanding of color theory, such as the difference between complimentary and contrasting colors, the effect that ambient lighting and adjact colors have on color perception, and so on. You have to have an idea of your options and what's possible before you can hope to achieve it. I'll grant you that this is easier said than done, but knowledge, effort and passion are what it takes to set your work apart from the rest.