Micro contrast has nothing to do with colour. A lens with high micro contrast can distinguish between increasingly small variations of tone at high frequencies. It is about resolution, which is not the same as sharpness. An image can look sharp but have low resolution. All lenses are optical compromises. A lens with high macro contrast and low micro contrast can appear sharp despite not being able to resolve fine detail. A lens built for high micro contrast can show fine detail but can produce dull and lifeless looking images. In practise a lens designer has to balance these two qualities together with many other lens characteristics. Leica and Minolta, who worked closely together for a while in the pre-af era, made low macro contrast lenses that could resolve fine detail and had a lovely subtle tonal reproduction. What the designers did was to boost the MTF figures at finer than 60 cycles at the expense of the 10-30 cycle range. A decade ago David Kilpatrick wrote a very illuminating article called "Historical Perspective on Minolta Lens Design Philosophy". I have a hard copy of this but I don't know if it can still be found online. In it he discusses some of this together with coating decisions made to help give contrast and colour consistency (lens colour was much more important in film days for obvious reasons).
Nowadays with exotic glasses, aspherical elements and design methods that were not available in the 70s and 80s, lenses can be made with less compromise but differences are still there. A couple of years ago I was lucky enough to attend a factory tour at Cooke optics in Leicester. Their hand built lenses are used for many feature films and TV dramas and are famed for the "Cooke Look". It's difficult to explain but involves smooth tonal transitions and beautiful bokeh. Interestingly they told me that they are able to design for the look in the design software. If you have to ask how much they cost you can't afford one! The TV companies mostly hire them. The feature film people have such big budgets that they are not a significant cost to them. Have a look at their website, it's quite interesting. www.cookeoptics.com