Logged in under my administrative account and it installed okay but this app has definitely been coded improperly with regards to permissions (it's not good practice to code an application in such a way that it requires one to use it under an administrative account... although to be fair in 2007 under Leopard and Tiger perhaps it worked just fine, this could have been an issue that popped up in Snow Leopard... I'm on the road right now, I'll try on a Leopard machine when I get home)). When I try to run it under my normal user account it launches and then immediately quits. Given that I would strongly recommend at least trying to 1) repair the permissions and 2) creating a new administrative account, and reinstall ColorPort under that account. Although the fact that one piece of hardware works and the new hardware doesn't is pretty compelling evidence to suggest that it's not a software issue, I have enough experience trouble shooting these kind of things to tell you that I wouldn't be the least bit surprised if creating a new administrative account solved the problem.
Cheers, Joe