Let it be recorded here, 16 months after the present original posting by Turkeyphant and a similar posting [1] on the Docs+Drive product forum, that the problem appears to have been fixed within about the past week. Since that time, when a pdf (or Word) file is opened that resides on the Docs+Drive cloud, the file is rendered with what appears to be proper 24-bit color. The treatment whereby the color was reduced to 5 bits, which could encode 32 colors or 32 shades of gray or 16 of each, depending on the image, has been abandoned.
To the best of my knowledge the Docs+Drive staff have not announced this change, either on their Blog or on their product forum. I noticed the change a few days ago and noted it on the conversation [1].
[1] (2013-05-21) Problem in pdf-viewer with color images https://productforums.google.com/d/msg/docs/_bdfiYgjF2s/5PDMdp9MhFQJ