You can change the colors in your MacWise window by selecting Colors... from the Window Menu.
There are a few preset color combinations you can select by clicking on the buttons (Gray, Blue, Green or Black Transparent sets). Reset to Defaults, returns the screen back to black text on a white background. You can customize the colors by selecting attribute colors. For instance, when Inverse video appears on the screen, you can select the color that will appear from the pop-up menu.
If you select "Use Ansi Colors", you will only be able select the Normal Text and Background colors. In this mode, the host controls the colors. Normally, you do not want to turn this option on. There is a preference under the File Menu in Preferences... "Allow Host to Enable Ansi Colors". If that option is enabled, Ansi colors will automatically be enabled when MacWise receives ansi color codes from the host.
Transparency is a really cool option. It allows you to see through the MacWise window to the windows behind it.
This is useful if you need to monitor another application behind the MacWise window (maybe you want to see what mail arrives in your Mail application).
You can change the transparency by selecting Transparency... from the Window Menu.