What I dislike about this, is that I have to manually track new versions -- rather than just have my package manager pull in new versions that read a `st.conf` file.
Also, I like different colors for different things. Production server terminals look different that staging server terminals that look different than development terminals.
As floatboth pointed out above, it is possible to use a shell script [1] to dynamically change terminal colour mapping. Add this as "LocalCommand" to appropriate "Host staging-foo" and "Host production-bar" sections of the ~/.ssh/config file, and you're all set.