Take a look at the video linked at the end. It shows Mono.XNA successfully rendering an array of colours to the screen one after another in a loop. Render-licios. Next step, we want to be able to render multiple colours to the screen at the same time. I'm thinking a nice checkerboard pattern would be good. We'll see ;)
The video is encoded using x264. If you can't play it, VLC will play it. Just google "vlc" and download away.