White was apparently reserved for the chief of the Istari (as the chief would be seen as Sauron's biggest adversary), but the other colours didn't say anything about the rank of their corresponding wizards. I estimated the following reasons for each colour:
Radagast the Brown - brown being an earth tone, associated with the earth and nature, just as Radagast was in love with nature.
Gandalf the Grey - grey being a reflection of Gandalf's humble character. Not pleasing to the eye, or even eye-catching. "Don't judge a book by its cover" blah blah etc. etc.
Alatar and Pallando, the Blue Wizards - This is more speculative than the others, but I presume their sea-blue robes are a sign that they're quite different. Different from the other wizards, and different from the peoples of Middle-earth in the northwestern corner we're told about. All the other characters we see are wearing greens, browns - nothing that stands out like sea-blue would.
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...take counsel with thyself, and remember who and what thou art.
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