Hello devs,
I spent the first week researching requisite stuff (more or less) so I am not counting that as the first week. [Making 24th June as the start point].

As planned in the Timeline, I have successfully rewritten the colorwheel code and modified it to a new GUI very similar to that of Adobe Kuler's Editing GUI. 
Here's a snapshot. 

What it looked like earlier: 
Inline image 2

What it looks like now:

Inline image 3

Notice the following changes: 
1. ) The saturation is now handled by the distance of the node (the hollow circle on the wheel) from the centre. As we move closer to the centre, we get less saturation. 
2.) The brightness value is handled by a slider below the Alpha Slider. It automatically paints the Alpha bar accordingly.
3.) Clicking on a new spot on the wheel, moves the node there and repaints the selected object accordingly. 

The next stage through this week will be adding functionality that if more than one objects on the canvas are selected, the wheel is painted with its respective nodes in the correct color areas. What shall ensue will be adding a inner class/data members of nodes to the color wheel with their appropriate events (dragging, selection, deselction, main_node etc).

Your feedback is welcome. :)
My development branch can be found at: lp:~moduli16/inkscape/recolor/ 

--
Arshdeep Singh
Third Year, Computer Engineering
Delhi Technological University
Ph: +91-9654115614
https://sites.google.com/site/adsingh1729/home