If Binding is set for text property of QML Text and value is set to some color string, say "red", the value returned to Text Item text gets changed to #ff0000.

    Text {
        id: colorLabel
    }
    Binding {
        target: colorLabel
        property: "text"
        value: "red" // this is wrongly converted to "#ff0000" but is NOT a color!
    }

Please refer to the attached sample.