I have the "Allow Coloured Text in IRC Messages" option (under "Configure Konversation... | Colours" disabled). (In case it's relevant, some of my other color settings include black background, messages from other people in white, and links in white.) Normally this causes color codes in other people's messages to be disregarded, as intended. Sometimes, however, messages appear partly colored; I don't know exactly what the trigger is, although it seems to involve the interaction of color codes and links, but I have a test case to reproduce it.

Reproducible: Always

Steps to Reproduce:
1. Change the options under "Configure Konversation... | Colours" to set black background, messages from other people in white, links in white, and "Allow Coloured Text in IRC Messages" disabled.
2. Join a channel which allows colours to be sent (on most servers, mode -c).
3. Have another person on that channel (using a client other than Konversation) send a message to the channel whose content is "http://example.^C7com test" (without the quotes, and where ^C is a single octet with a value of 0x03, rather than two characters).
Actual Results:  
The part of the screen that shows messages to the channel prints the nick inside angle brackets, "http://example.com" in white, and "test" in orange.

Expected Results:  
The expected results are the same as the actual results, except that "test" should be in white.

The message that triggers the bug cannot be sent using Konversation; Konversation normally uses %C as syntax for color codes (translating to \x03 in the communication to the server), but does not interpret it as syntax for color codes in links. However, using a different IRC client, or sending bytes to the server directly, can be used to reproduce the bug.