Green: Mainly for reddish skin.
Crystal white: mainly for dark skin.
Ivory white: mainly for uneven and spotted skin.
Purple: mainly for dark yellow skin.
Pink: Mainly aimed at fair skin, making the face more ruddy.
The isolation effect is the same, depending on what color MM is. It's quite useful. I use purple, and my face looks more even and shiny.
Answer MM's supplementary question: 08 and 09 just changed the packaging, and nothing else has changed.