Gerrit,
It works for me. I tried it on a fully processed image from a grayscale camera (RGBHS). It added color to the biggest brightest stars (and to some quite small, but, presumably, bright stars). The effect was to dull the stars a bit, but I think that can be remediated without much difficulty.
Thanks for a nice addition to the tool set.
Alex
BTW, I often use Repair HSV Separation to good effect, but this is faster and does the job well.