I dream in color but the color of things are rarely what they should be, the sky will be a weird orange or something like that although while dreaming I never notice and it seems irrelevant. Also I have never dreamt in black and white but I often dream in shades of a single color and white, like remember that greenday filmclip "brainstew"? thats the best example I can think of.
I have no problem forming a colorful pepperoni pizza in my mind right now and I can't imagine what it would be like if I couldn't do that.
I have died in dreams a few times and usually it feels terrible at first like while I'm being killed but as I die it always feels extremely blissfull like my brain is releasing all its endorphins right before it shuts down.
Sometimes I have dreams that are visually mundane but have a disturbing feel for some reason or the opposite like something horrible is happening but the dream feels great.
I definately have all the senses in my dreams and sometimes they are even heightened. Although they are rare for me, the few sex dreams I have had make real sex seem boring in comparison, no shit.
I have never had a real "wet dream" where I woke up with a wad in my pants but I have had intense orgasmic feelings during dreams.
Dreams are awesome, but the other night I had a horrible dream where all I was doing was replying to posts at the sciforums, seriously, and for some reason it had that disturbing feel I mentioned earlier, I don't know why, my replies were awesome! I wish you guys saw them