I am currently only using the demo model of RM but will be purchasing the real version soon without a doubt!

As a frequent GIS user, I have a suggestion that may help the ease of use. Well, at least incorporate a couple of user interface options similar to what I am used to in GIS. instead of only having a color ramp, make it so the values can be classified in bins. Example, in RF if I choose a color ramp and set it between 0 and 10 feet, I am not exactly sure what color 5 feet represents. With a bin, I could set 4-6 feet as red, 6-8 as green... etc. This way you can set it so that the colors are not interpreted between values but rather, are solid and defined changes between red and green.

Also, how about a transparent color option? I could then set everything between 0 and 5 feet transparent and start color from 5 to 10.

The other benefit of a transparent color would be for reservoirs with fluctuating water levels. Everything below zero could be transparent. As you move the water level adjustment it would essentially change the outline of the lake and use the elevation to do so. Now the only option to do this is in the Map boundary which isn't set by the map elevation or fluctuating water level.

Here are example screen shots of how this is set up in GIS. The first is the stretched version, much like how RF does it. The second is the classified range or bin method.

Hi Fillet,
A lot of this is coming in a major new release of RM later this year - including fixed depth ("binned") palettes and water level offsets which will produce (more or less) the behaviour you describe.
If you want to explicitly set the colour of depth areas, you can do so now within a "user map". A user map holds a snapshot of project depth areas, contours etc and individual components can be edited. A bit of a pain compared to using a palette, but you can sort isobaths by depth and then group select each depth range and set an explicit colour from one of the available Lowrance (AT5) colours.