I'd steer clear of polarized lenses for flying for 3 reasons.
1. They cut down on glare, which is actually what makes them so great, but when flying, glare off of another airplane helps you to see it. So polarized lenses make it harder to spot traffic.
2. If you plan to fly anything with any type of LCD display, particularly a glass cockpit, you won't be able to see it through your sunglasses. It dosn't even have to be anything all that special, it could just be a simple GPS or even a nav/com. I used to have a pair of polarized glasses and I couldn't even see my digital watch through them unless I looked at it at just the right angle. I also couldn't see the display on gas pumps, though this was before the gas prices were so high so I didn't usually have to watch it very closely.
3. They are expensive. They are great for driving, but if you are looking for something for flying don't spend the money. They may give you more problems than bennefits.
Apart from polarization, you should get something that blocks all colors equally. That way no colors get washed out. Same reason its recommended you don't use a red flashlight for looking at your charts at night.
Couple of things here... I use polarized lenses (Maui's & Native's) and I fly glass cockpits...
A friendly Point/Counterpoint to the above numbered items regarding polarization:
1. They cut down on glare... which actually helps you see traffic. By cutting down on the glare off the clouds, the water from the lakes, the sun reflecting off the dash, etc... I'll say this as well... when you have another jet at 20 miles on TCAS at 12 o'clock with up to a 1000 kt closure rate, it's typically not a glare that catches your eyes... it's a good scan of the area indicated on TCAS or reported to you by ATC. There have been many time both me and my capt. have been like: "you see it?", "Not yet", "Is that it?", "Where?", "Over there, 11:00", "Don't see what your seeing", "Oh Crap, there it is 12:00!"... as it flys right under us. "Uh Center... Traffic in sight... no factor."

A good scan will overcome any lens.
2. The LCD thing comes into play in some situations... it depends on whether the lenses you have are polarized horizontally or vertically. Most are horizontal and there is no issue with seeing LCD displays unless you physically tilt your head 90 degrees to look at a display. The only LCD display's in the ERJ are the com-panels and clocks... no issues there at all. The "Glass" instruments are no problem... all they really are, are CRT's. Not LCD panels. So there really is no issue... it's like watching TV with your sunglasses on. That being said I do know that the smaller GA planes have garmin-esque displays like the 430/530/1000 etc... and those are LCD but I have found the same results... unless you are looking at them with your head cocked 90 degrees.. it's a non-issue.
3. They are not expensive... you can go to wally-world, k-mart, etc... and get a cheap pair of $9.95 - $20.00. Just look for the "polarized" sticker on the lens. Not the best qaulity but no different than the other sunglasses on the same display that are not polarized. Of course in both types you can go from that amount up to well over $300/pr.
Your last statement about colors... it is true. Different color lenses washout different colors. Here's a basic breakdown:
Grey/Green lenses: Most color accurate lenses with the least contrast. Does not distort colors to the user so great for general use and VFR. Usually darker than other lenses and thus not good during early evening/morning twilight hours.
Brown/amber lenses: Distort colors slightly, while providing good contrast (ability to see between light and dark objects). Can be used later and earlier in the day without causing the too much darkness inside the plane. Best overall lens when it comes to usefullness.
Rose Lens: Most color distortion. But provides the best contrast of the other lenses. They are wonderful for early and late in the day, but may not be enough for the middle/brightest part of the day.
I actually use a Gray lens during the brightest part of the day and switch to Rose during the early/late phases of the day, I also use my Rose lenses during IMC because of the contrast... you'd be surprised how you can actually see between clouds and differentiate layers with a rose lens, as well as spot traffic sooner as well.