Hi,
It's been sometime since I've used the JBL kit, but basically if the indicator is showing 'Green' then the Co2 level is good. Blue shows it too low and Yellow means too high and things are getting dangerous for your fish !
Here is a link to a copy of the JBL colour chart.
JBL Colour Chart
However the dissolved Co2 content in your tank water all depends on the PH and KH of your water so the accuracy of these kits can vary. Green could actually give you a CO2 reading anywhere from 19 to 38 ppm, when ideally you should be aiming for somewhere close to 30ppm.
Here's a link to a previous thread (over a year ago) where I did some testing of various methods of measuring Co2, including a method mentioned by Tom Barr.
Permanent CO2 Test Kit. Most of that discussion thread is fairly irrelevant now as it was about how best to make an accurate 4dKH test solution. But post #7 and #9 give some indication of how varied the results can be.
Most of these kits rely on you using 'tank' water with a few drops of reagent added to make a test solution, therefore the results will depend on the PH and KH of the tank water you use. Far greater accuracy can be achieved using a solution with a known & accurate KH value.
AquaEssentials.co.uk now sell an accurate 4dKH reference solution that gives MUCH more accurate results than using water from your tank in the test kit.
In my opinion these kits are worth using (I have one in each of my tanks) but are best used to give a visual indication that the Co2 level is 'stable' rather than an accurate measurement.
I still think the best way to be sure of your Co2 level is to check your PH and KH readings on a fairly regular basis ( I currently only check them monthly) and then check the Co2 using one of the many charts available (or Chucks Calc ). You can then use the JBL kits (or any other) to give you a quick visual reference that nothing has changed.
Hope some of that helps !