It was once believed that dogs only perceived the world in black and white. However we now know dogs have limited color vision compared to us. Dogs only have two types of color cones on their retinas vs. three for humans.
Dogs see shades of yellows and blues with the reds and greens being left out. They can see variations in brightness, but their visual acuity is much less than ours. While most dogs are quick to pick up movement, they probably view the world more like a near-sighted person would.