I believe that a colourful room provides the best environment for kids to learn, because a full and boring atmosphere would dull and bore the student. Plus, it should be colourful, so when the child looks back at the memories, learning is equipped with bright and positive feelings.
But, keep in mind that too many colourful an shiny objects around the room can distract the child from what's going on in class.
So the perfect environment would be a perfect combination of happy colours yet not too bright ones.