Illuminated Folio

• WWizards of the Coast2008-05-01
  Official Ruling
  The two revealed cards stay revealed until the ability resolves. If one of them is played, is discarded, or otherwise leaves your hand, the ability will still resolve as normal.
• WWizards of the Coast2008-05-01
  Official Ruling
  Colorless is not a color. You can’t reveal two colorless cards from your hand to activate this ability because those cards don’t share a color with one another.

Rulings via Scryfall