Two of the most charming things about the Icelandic Horse's appearance are all of his different colors and his abundant mane. All the hair sometimes gives him a lion look that tends to intimidate even much larger breeds.
Whereas modern breeding encourages beautiful manes and tails, it is believed by some that--in show horses--a black horse color creates the illusion of a higher leg lift. That is a pity because, today, we have a much larger proportion of black horses than we used to have. Black is a beautiful color (although difficult to photograph) but losing other interesting colors is a high price to pay.
Another thing to consider is that it is what is different that stands out and we notice. In a crowd of mostly black horses, it is the ones of spectacular color that stand out and we remember.