Doesn't bother me at all.

I also think that colours are OK. The problem is that both air and water should be blue, but it's OK for air to be yellow in order to better diferentiate it from water.

If you want to make this change to your game:

1. Go to the Legendary Heroes install directory and open /Gfx/Icons
2. Under /Gfx/Icons, locate Icon_Fire.png, Icon_Air.png, Icon_Earth.png, Icon_Water.png, Icon_Life.png, and Icon_Death.png
3. Copy those six files to /My Documents/My Games/LegendaryHeroes/Mods/Gfx/Icons
4. Rename, recolor, or replace those six files in the Mods directory until you're happy with the appearance of the icons (note - you don't have to locate these files in the install directory if you just want to create your own icons; I just think it's easier to take the current icons and rename them if you're happy enough with the colors and just want to assign the shards different colors than the default)
5. Start Legendary Heroes, enable mods under the options menu, and restart the game

Now your shard icon colors should be whatever you chose. Note that if you only want to change some of the shard colors, you only need to take and modify/rename the corresponding Icon_*.png files, rather than taking and modifying all six.

Good idea, joeball.