That's a CTC-4. That's a nice classic ad-- I've seen it reprinted in various places too.
I believe
MAD magazine way back in the day did a parody of that ad where the "rainbow" was tweaked into a "technicolor yawn."
While I'm not absolutely certain about that one, I do know that
MAD long ago did a parody of another early RCA color TV ad. At one time, RCA had a print ad campaign in which they would show a picture of a colorful scene-- with half of the picture shown in B&W, and the other half in color-- to illustrate how much more lifelike and beautiful color could be over B&W. The
MAD parody ad used an illustration of a showgirl chorus line. The color half was colorful alright, but over in the B&W version of the scene, the colorful costumes on the girls were translated into grey shades that matched their skin tones, thus giving the appearance that the dancing women might be naked. The showgirls on the B&W side were given more of a suggestive "leer"' to their facial expressions (with similar changes in the audience shown in the scene) to further add to the change in viewer perception between the "color" and "B&W" versions of the scene.