If you like LED projects as much as I do you will love the Aurora RGB LED Ring Project from The LED Artist. For so many LEDs the color changing is very smooth, the board layout is very nice with just a small center area left for the few surface mount components needed to run the show. Aki has been kind enough to share the schematic for the project but it looks like you would need to come up with the LED driver code yourself though.
“The heart of the unit is PIC24F08KA101 micro-controller. Using a proprietary technique, this controller controls 9 x 3 (RGB) independent channels of PWM signals. The unit is a little over 4 inches in diameter. “