The problem is that there is more frustration than entertainment. When I have a better chance of getting a legendary item from a rare engram than from an actual legendary engram, and I have the same chance of getting a legendary engram from a level 4 shank as a level 24 captain something needs to be changed.
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To be perfectly honest I don't even pay attention to the colors anymore. I pick up and decode every single engram I pick up, since either way it's going to increase my Cryptarch reputation and worst case scenario earn me glitter/parts from dismantling. The basic underlying mechanics of the system (regardless of coloration) remains the same in that it'll always be 100% randomized. I guess that's why I'm less frustrated by it.