The color changes are probably just key-frame commands to saturate or de-saturate still clips — i.e., add or delete color from the clip. The text block appears to be nothing more than dissolves from one block to the next.
My guess would be that there are commercial products on the market that are designed to produce material like this. Of course it could be done in an editing program but it would take more time than I would be willing to devote to it.
