Google Calendar is a great alternative to the stock calendar app installed on Android devices. With the ability to display multiple calendars from different accounts as well as syncing with your web-based Google Calendar, the app is very easy to customize and manage events.
The new update that is rolling out to Android 4.1 (4.2.1) and higher allows you to customize events with different colors directly from the device. Another update is a redesigned date and time selection tool. Add in the redesigned timezone and improved repeating event tool, Google Calendar is becoming the calendar app that Android users should use.
The only problem is that the limited Android OS support means that many users will not be able to experience the newly updated app.
Updated : Android Official Blog originally stated the update was only available for Android 4.2.1 and higher.