The bug

Lily pad as an item uses the raw block texture instead of having a separate texture (MC-201806), which is recolored in the inventory. However, this color is different than the color the block uses.

The lily pad texture in the inventory used to reflect the block texture. According to the wiki, this was changed in the 1.8 snapshot 14w25a, and I am unsure whether it is intended.

To reproduce

1. Place a lily pad in water.
2. Hold a lily pad in your inventory.
3. Notice how the colors don't match each other.

Expected results

The coloring of lily pads in the inventory should match the block coloring, and vice-versa.

Notes

Mockup of current textures; the left one is colored like the item and the right one is colored like the block, with some small color value inaccuracies.