Its the same basic principles that you had with Redpower. (All 16 colors are numbers that are powers of 2 between 2^0 and 2^15 [with 0 being no output]. You can also use the color API to set the number values e.g. to set the output as orange you could write colors.orange - you can use the American English or British English spelling for colour. You can add color values for example. 2^1+ 2^2 and that is the same as colors.orange + colors.magenta)
redstone.setBundledOutput(string side, number color output) -- This sets the input on the given side to the value you want (0 for all off)
redstone.testBundledInputt(string side, number color input) --returns true if the specified color frequency is active in input side, else false
redstone.getBundledInput(string side) -- returns number value of total redstone state of redstone input
redstone.getBundledOutput(string side) -- same as input version but returns output value instead