If you type "Vo" and change the color for the V, kerning between V and o gets lost.
Inkscape 0.91
Confirmed on Windows 7, Inkscape trunk rev. 14703 (32-bit), when using the Spacing between letters text parameter (but not reproduced with the horizontal kerning parameter).
The kerning I'm mentioning is the one from the font, not Inkscape's text parameters.
Here's an example with DejaVu Sans.
> The kerning I'm mentioning is the one from the font, not Inkscape's text parameters.
Confirmed. So the issue affects the default font kerning and the letters spacing parameter. Thanks for the clarification!
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Confirmed on Windows 7, Inkscape trunk rev. 14703 (32-bit), when using the Spacing between letters text parameter (but not reproduced with the horizontal kerning parameter).