Yes. I have long had such a wheel, in the form of a small disk top. The colors are not strong but exist in your perception. The back is in annular bands and most importantly not continuous black rings. I.e. there are white spaces separating the black segments (perhaps 3 or 4) of each band segment.
How it produces perceived colors from only spinning black broken black annular segments on a white (natural wood color in my top´s case) is not 100% understood but mainly due to the fact the time response characteristics of the three color cells are not identical. I.e. after a step function stimulation by the white (which excites all RGB cells briefly and then stops when the next black segment´s image falls on the cells that were "step function excited" they don´t lose their neural activity immediately and do so at different decay rates. Thus when the first mm or so of the next black band falls on the cells that were shock excited, there is still some decaying neural activity and IT IS NOT BALANCED to make the perception of fading white light, so you perceive the weak color associated with this unbalanced quasi-white residual stimulation.
What is not known, I think when I investigated this ~30 years ago, is: Where is this unequal decay rate effect taking place. I suspect it is in that part of the brain called V4 where color is represented by the neural activity in two different sets of brain cells. Most brain cells are always firing at some background rate which for V4 cells, I´ll call 5. One of the two sets is the blue/yellow axis (other is green red) I forget if firing rate of 7 in the blue yellow set corresponds to blue or yellow, but will just continue this discussion by assuming it is blue you are then perceiving. Firing at 3 rate is to perceive yellow. I suspect that step function excitation of white light causes 5 discharge rate to be established very quickly in both these V4 color axis but in one (or probably both) there is a slight shift away from 5 for fraction of a second – weak and some strange color is perceived.
You can, as many know perceive strong false colors also by long (minute or so) fixation on red spot (say a triangle) on a white wall especially when well illuminated. The when you shift fixation to some other spot on the white wall, you perceive green spot of the same shape. There are many demonstrations of this in the internet – search under “color fatigue after effects” Sort of what is happening is if staring at the red spot initially makes activity level 8 in the red green axis, those active cells run out of energy to keep firing at that high rate so at end of minute they fire at only 6, but you don´t notice this 25% decrease in their firing ability until you fixate on the white wall, which should produce 5 but those cells that are 25% fatigued have not recovered yet so only 4 is produced.
This is all over simplified and false, just to give some idea of what is happening. (Why I said: “Sort of what is happening …”) You can see that if the spot were green in my story, giving a firing rate of 2 instead of 8 and then when fatigued by 25% the rate is 1.5, which is not red but “greener.” To get a little closer to the truth, think of white perceptions as 5r + 5g +5y + 5b firing rates in each half of the cells in both color axises. Then staring at red spot converts this balanced rate set when red 5r has fatigued to 4r into 4r + 5g +5y + 5b and 4r no longer offset the 5g so you see green. That description is as close to the truth as I can (or at least care to) go, but the true story is more complex still as to even set up these two (R/G & Y/B) axis form the retinal triad of RGB cell activity there are several intermediate computational transforms of what mathematicians would call the descriptive “basis set.” Like switching from Cartesian to Polar Coordinate basis. Years ago, I knew the equations telling / making these basis transforms, but have forgotten them now and am far too lazy to look them up. The activity in the bright/dark axis, which is like the two color axis but contains intensity information, enters into these basis transform equation also. (and they are only good linear approximation to what the brain is doing in V4 (and some in other parts of the visual system) plus the effects of the surrounds and knowledge that tree leaves are green I mentioned in may earlier long post.
BTW everyone has seen green tree leaves when the sun is dipping below the horizon and bathing the scene in only quite reddish light, but few are amazed by this every day occurrence – an example of known knowledge strongly affecting your perceived color. There is some green light falling on the leaves from solar rays that wnet straight to high atmosphere and then scattered down to the leaves but not nearly as much as the direct reddish rays nor even as much as the scattered down blue rays. This scattering cross section is inversely proportional to the fourth power of the wave length and blue being shorter wavelength is the dominate color scattered down from high air – why the sky is blue (still shorter purple scatters better but our sun is too cool to make much of it).
The brain is much more complex and interesting than physics. I have a “crackpot” (I.e. non standard POV) about how perception “works” which easily explains dozens of observation the POV accepted by cognitive scientists cannot and would be expected to be how evolution would have created perception and permits free will to exist without being in conflict with science which tells the firing of every nerve is deterministically by the laws of Chemist & Physics which I also believe.
Perhaps some may want to read about this POV which is much more in agreement with the know neuro-phyology and behavior of humans than the standard POV (“Perception ‘emerges’ after many stages of neural computational transforms of the sensory inputs.”) which is clearly false in several circumstances, for example visual dreams with eyes closed and many other false predictions of the standard POV. If interested, read:
http://www.sciforums.com/showpost.php?p=905778&postcount=66 and some posts in a thread on free will, especially this one explaining in more detail my RTS concepts:
http://www.sciforums.com/showpost.php?p=2644660&postcount=82 but be warned, they long especially the the first as I try to show with supporting data that my POV must be more correct than the more widely held POV.