My MLitt was a black gown with strange cutout sleeves, no hat (we don't do caps of any kind at St Andrews), and a black hood which was lined with saffron (dark yellowy-orange) silk. It's bloody heavy - it hooks onto the top button of a shirt and nearly pulled my top off after graduation last November.
I'm thinking of pinning it to the gown for the next time I have to wear it...
The PhD dress here (which I will hopefully get in 2008 if everything goes to plan) is an electric blue silk gown, and electric blue hood lined with white silk. They're sooo lovely!
I've seen some pretty awful academic dress as well including a particularly lurid green and orange number (I've no idea where it was from), magenta and blue (not so much the colours, but the style of the gown and the hat), and green with mid-brown. What were these institutions thinking, other than they have to be different to everyone else??
nb - Our hoods don't have any indication of the particular school or department in which one studied, rather they're just the degree (ie. all MLitts are saffron, all MAs are cherry red, undergrad scientists even get fake fur on theirs!)