I wanted to see how easy it would be to build a chroma keyer from scatch inside of Motion 5, so this effect is the result of that experiment.
This effect allows you to select a color from your source image (using the Mac Color picker) and then make the rest of the image black and white. You can also use the Invert.Key switch to quickly have the reverse effect. There is also a control for boosting the selected colour for extra impact, as well as affecting the black/white/gamma of the black & white portion of the final image and adding an optional tint.
WITHDRAWN
See the video for details on how it all works. The default is for the Desaturation switch to be Off so that you can properly select your key colour. Once you have done so, turn on the View.Key switch to see a grayscale image of the key.
To get the required result you will need to tweak the Strengthen.Kept.Color and the Strengthen.Excluded controls (while looking at the View.Key) for firming up the key depending on your source image.
Once you are happy with the key, then turn on the Desaturate.On/Off switch to see the result.
As I say, this is an experiment and the chroma keyer might not work immediately in all cases. If you find that the key looks completely black, then you will need to boost the luminance of the key color - you can do this with the individual sliders but it's best to use the luminance slider in the Mac Color Picker. Conversely if the key looks too thin (not enough detail in the area you want to keep), adjust the luminance the other way to get a stronger key. Sometimes (though not often) it might help to tweak the individual colour sliders for the best effect. (This is mainly because it's not possible to create conditional expressions in Motion - which is something we can only hope Apple will address at some point. Hence the keyer is not as good as I would like it to be, but it's good enough for this effect.)
Of course, you can do all this in the Color Board, but a) I thought it would be an interesting challenge to make the keyer from scratch, and b) with this effect you can actually see the key while you're working on it (which is quite a big plus), and also you can blur the key (which is a feature that isn't available on the Color Board).
Many thanks to Andy Neil for pointing me in the direction of the Motion 5 Channel Mixer filter which is the "key" to building this keyer.