Under Mac OS X 10.6.2, Emacs 23.1.91.1, each new Term
mode buffer fails to apply color to the first color
escape sequence in the terminal output.

To reproduce, Emacs.app/Contents/MacOS/Emacs -q:

M-x term RET
(prompts for /bin/bash) RET

ls RET

If the current directory contains directories and
CLICOLOR is set, the first directory will not be
colored, but subsequent ones will be. Typing `ls' 
again will show all directories as colored.

Please see attached screenshot.