Update:
Rspec still works very poorly with window coloring, especially if you are trying to use it with Autotest and / or Spork.
If you still see escape codes, a quick hack is to edit the next file (the exact path will depend on your version of RSpec)
% RUBY_HOME% \ lib \ ruby โโ\ gems \ 1.9.1 \ gems \ RSpec-core-2.0.1 \ Bin \ RSpec
And add the following line
require 'win32console'
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