You never sort by color, ever! You sort by form, and then throw every color of that specific form in one bin.
If you throw every red brick in the same bin, you'll never find a specific formed red brick because to many red bricks. But if you first search by form and then by color, you are much faster.
How about arithmetic coding? That will give you the highest amount of entropy reduction for any possible number of containers. Which probably means that you’ll sort similar pieces far apart but group by colors that are easy to separate, like red+yellow, brown+green
As someone who tried to sort many lego sets lately, I do like this. The problem lies that modern lego has so many unique forms that it feels like you'll have many bins with one or two pieces in.
As the “Disturbing the Piece” podcast points out - you “sort” the good important parts you want easy access to and you “bin” everything else in the giant box you can dig through if needed.
That's why you buy different sized bins, and then you can even combine some forms into one bin (but be careful not to combine similiar forms, this counters the goal).
You need to get some bins that have a top shelf like a toolbox. The low item counts go in the top shelf, segregate the bottom for efficiency. Bin by color.
there are to many types of bricks to sort by form. unless you have an inventory the size of a brick factory you can only sort by category or by size.
otherwise, sorting by color makes your collection aesthetically pleasing, and when you build, you usually want to use specific colors only to make your model look good.
You never sort by color, ever! You sort by form, and then throw every color of that specific form in one bin. If you throw every red brick in the same bin, you'll never find a specific formed red brick because to many red bricks. But if you first search by form and then by color, you are much faster.