Welcome Batgurl!
Here are my 2 cents worth.
Personally, I feel B&W photos convey a certain mood or feeling that is often lost in color photos. When viewing B&W, your attention is more focused on the contrast and detail of the subject, the way the light falls on the subject. It also leaves a little more to the imagination, which can draw you deeper into the photo.
As far as color goes, I believe it is beneficial when you have a subject where the color is the main focus. If the color of the subject isn't a key part of the photo, shoot it in B&W to capture more mood in the scene.
An example might be a scenic shot. Generally, I prefer to shoot in B&W to capture a more artistic feel to the shot. However, if the scenic shot includes a deep blue sky with brilliant white clouds and a foreground with some colorful flowers, I will definitley shoot it in color. Otherwise, I'm sticking with B&W.
These are just my opinions, and I am sure there are others out there that can help out on this a lot more than I can.
Good luck!