Since changing color smoothly seems like a task that pops up often during game development, I decided to make a wrapper function (around Corona's default transition.to) in order to make it easier.
TO USE :
First load the table that contains the function:
1 cTrans = require("colortransition")
Then call the wrapper function as such:
cTrans:colorTransition(displayObject, colorFrom, colorTo, [time], [delay], [easing]) ;
i.e.
cTrans:colorTransition(rect, {255,255,255} , {0,0,0}, 500)