right now I use Diamine Umber for commentary on the student's idea/approach (in the margins) and (for the time being) Diamine burnt sinna on writing or grammatical errors (right in the text). The two color approach provides some good singals to students about what they should be working on.
I want to use red ink, but I also find that students get panicky - even if the comment is congratulatory. Therefore, greens/browns, maybe even some more exotic colors, are what I use.