We wore hoods and our professors also dressed up in academic regalia.
Our BA graduates wore a hood that was white on one side and red and black on the other. Our BS graduates (like me) wore a hood that was gold on one side and red and black on the other.
Typically, the solid color denotes what field in which you are receiving your degree. The other colors on the hood are where you earned your degree, though it is not as easy to tell some schools apart.
For a list of colors,
click here.
I, too, love academic regalia. I am trying to get my high school to go to full academic regalia for graduation, but I am meeting resistance.
Hope this helps!