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I'll preface this with the statement that you really need to call AOPA or FSDO directly and talk to them about the restrictions for your particular situation. Every situation is different and they are really well placed to help you make the right decisions. Note that Highwing wasn't being difficult. Your question is very specific to a particular situation and without context it is really hard to give you a good/right answer which is sorta required around here. AOPA are knowledgable and can either provide you with a definitive answer or go and find it for you. I'm a student pilot so please take all of the following with a grain of salt and talk to people who can actually help you.
It might help if you give us a link for the reference to "night flying prohibited while using no color light signal control". That's really oddly worded and I'm not sure how it fits together. These are usually, separate restrictions and while they may both be restrictions I don't understand the use of the word "while" without context.
IF these are seperate restrictions then "night flying prohibited" is pretty obvious; you can't fly at night. If you only plan to fly during the day, then that's an easy one. Flying at night is fun and particularly beautiful but it isn't even close to a big part of flying.
I >think< that the light signal restriction is probably referring to Color light signals which are used by the tower when you are in an airplane with no radio or if your radio has failed. If you can't use colored light signals then you'll most likely recieve a restriction that requires a working radio in any plane that you fly. Since most aircraft that you would rent will have a radio it's not a particularly restrictive restriction but it would present interesting possibilities in the event that you lost a radio while in flight. I don't know the procedures for this but I would ASSUME that this just means that you would land at an uncontrolled airport (one without a tower/controller) and get your radio fixed. There are a LOT of uncontrolled airports so, again, not particularly restrictive.
If you put the two restrictions together it could actually be less restrictive in that you can fly at night but only in an airplane with a radio. This is why you need to get a definitive answer from a knowledgable source.
In both cases, the restrictions as you've presented them are relatively minor when compared to the huge portions of aviation that will still be available to you. Learning to fly is much harder than I ever imagined but it is also hugely rewarding. Lots of us have restrictions for different things on our certificates which we just work around. Everything from no night flying to no flying without your glasses to no flying without a some piece of special equipment for handicapped pilots. Restrictions are just there to make you safer and really, once you are used to them, not a huge deal as long as you can fly.
Once again, note that I have broken the restrictions into two parts. It may be that the restriction as you posted it is indeed a single restriction or that it means something COMPLETELY different from what I have described. Please, please, please talk to someone who actually knows. Those being either AOPA (the registration isn't all that much and you'll probably want to be a member anyway if you decide to take up flying) or possbily your local FSDO (Flight Services District Office) which is sort of a local FAA office, you can find them in the phone book.
Best of luck!
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