Check out Jim McCormack's blog, they were out on a birding trip when they found a pink morph katydid! Cheryl Harner has photos of it where she found this dynamite insect. I have always wanted to see one of those, ever since I first got my copy of Lang Elliot and Wil Hershberger's Songs of Insects and saw a photo of one in there. The insect is apparently going to be on display this weekend at the Midwest Native Plant Conference. If I were anywhere near this, I would make a special trip to look at this amazing creature. Not much is known about pink katydids apart from knowing that they exist and it's darn cool when you see one. I found this article from the Chicago Gardener on the subject:
Katydids are green (usually) to hide among the leaves from predators such as birds. But scientists say that there is a certain amount of normal variation in katydid colors, and pink is one of the possibilities. Speculation is that this variation might allow katydids to extend their range -- from living in trees, say, to moving out into a prairie where there are pink flowers in late summer.
It's an example of the genetic variation that drives natural selection and the continuing evolution of every species. And without that, we would not have the fabulous array of forms, shapes and colors we love in our gardens.
If you want to have some fun, just type in "pink katydid" on Google's image search and you'll find all kinds of crazy photos. I even found a link to a yellow katydid.