The complete set of the tracking filters are available to Rangers (I believe they can fiddle with distance). You can only choose if you want to track players either in general or just in your group.
The colors are indeed based on cons. You'll find also that players show up as white. Group members are slightly greyed out. Since druids are worse at track than rangers, the mobs show up in our window in the order they spawned (or they should...), with the newest spawn on top and the oldest at the bottom.
The track window does not automatically update with new spawns, though if something dies it will disappear from your list. You have to close and reopen the window to update it.
If you take too long to find something, you will get the message 'You have lost your tracking target' or something along those lines (it's blue text). If something dies while you track it, you get a white message letting you know you've lost your target.
With druids, our range is pretty limited, but if you manage to start tracking something while it's in range and it goes out of range, you'll keep tracking it until timeout.
Finally, there's a display bug in our tradeskill window. Once you get tracking above 20, sometimes it'll display as 20 in bright red text even though you're above that. It's only a display issue. Eventually we'll get our skillcap raised to 125.
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