Its a simple color and Mike has his recipe up the line of post a ways. Mike uses the Essential black to make smoke and then add blue hi lite until he has the shade he wants. I just add a scrap of black plastic to raw plastic and do a re-melt to make smoke then add the blue hi lite to taste.
The color is great as a stand alone but got its notoriety from being laminated to a pearl belly and walleyes on pool 4 of the Mississippi are probably the biggest reason the color came about or grew in popularity. The B-Fish-N line of baits may have been the first to market the color and is still a solid color in their line-up. Check out their brand of baits and you'll find pro blue in a couple of them.
Pro blue typically has no glitter in it, only the hi lite and when done right is a very reflective, natural looking color.