How to colorized your prompt

.bash_profile

# Set CLICOLOR if you want Ansi Colors in iTerm2 
export CLICOLOR=1
 
# Set colors to match iTerm2 Terminal Colors
export TERM=xterm-256color
 
# Colorful ls
alias ls='ls -GFh'
 
# I <3 My Prompt
# Based on http://www.cyberciti.biz/tips/howto-linux-unix-bash-shell-setup-prompt.html
# and http://code.tutsplus.com/tutorials/how-to-customize-the-command-prompt--net-20586
# and http://stackoverflow.com/a/342135/1436129
PS1='\[\e[1;35m\]\n\w\r\n\[\e[1;31m\][\#]>\[\e[1;32m\]\u\[\e[1;34m\]:\[\e[0m\] '

Updated with wrapping issue.