MyColorScreen waited a few days before announcing the circumstances of its removal from Google Play, and just like that, Google has let the developers know the app is good to go once again. The app should be live for everyone in a matter of hours.
The removal was due to a DMCA complaint from Apple because of a theme that imitated iOS 7. The theme was removed, but the team was disheartened when no one at Google could give them any idea when the app would be restored – they feared the app could be in limbo for weeks. Shortly after making the announcement, however, someone from Google's Play Store team rectified the issue. Related? Who's to say?
The app is still showing up as live for some people, likely those who have installed it before. For everyone else, it shouldn't be too long.