Phil Yes and no is the best answer, If you fly N reg aircraft then no problem but the issue with JAR medicals is unlikley to change in the near future.
The really ridiculous part is that lots of US pilots are flying for US airlines all over JAA airspace with this and many other types of waivers yet the local boys are prohibited.
The US pilots have as good a medical safety record as the Europeans.
What is very likley is that this will eventually be put right by European legislation on disabilities.
Essentially very clear evidence exists to show that colour defectives are as safe as their colour normal counterparts yet are being discriminated against on the grounds that they pose an unacceptable risk.