It's my very humble opinion that white was the only colour that had a rank. White was the chief of the order, which Saruman cast off, and which Gandalf was clothed in when he returned. I'm sure Galadriel enjoyed that very much, actually, since she had always wanted Gandalf to be the head of the Council.
I think that the other colours had no rank associated with them (sorry for the many of you who wish they did, and try to impose a system based on who was actually in the robes), but were merely a reflection on the owner. Possibly also a sign of the Vala with whom they identified - weren't the friends Alatar and Pallando both Maiar of Oromë? It is significant that both of them wore blue. Radagast is obviously suited to a natural colour, and perhaps Grey for Gandalf is drab, because he is very humble.
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But Gwindor answered: 'The doom lies in yourself, not in your name'.
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