Why I've been living without this until now is beyond me. I should have known grep had a color option to highlight its matches! Alas, I've been doing grep's in grey this whole time.
Put this in your ~/.bashrc:
export GREP_OPTIONS='--color=auto'
export GREP_COLOR='1;33'
and weep the next time you do a grep.
'1;33' is bright yellow. Change the '1' to a '0' for the dark version of each color. Try values 30 through 37 for other colors.
A complete table of color codes can be found here: http://kbase.redhat.com/faq/FAQ_43_3926.shtm
Note: not all grep's support this. I'm using "grep (GNU grep) 2.5.1" on OS X, YMMV.

BEAUTIFUL. Let me share my latest grep-related productivity monster – reducing the answer to “shit i want to open all the files in my rails project containing string x in my editor RIGHT NOW” from many characters (
grep -rl "string" . | xargs -L1 emacsclient -n -a=vi) into 3 and change: