Or just a bit simpler. I'm changing color and font based on returned ping values here:
If replypingms < LVMainNodesList.Items(i).SubItems(2).Text Then
LVMainNodesList.Items(i).BackColor = Color.Green
LVMainNodesList.Items(i).ForeColor = Color.Black
LVMainNodesList.Items(i).Font = New Font(LVMainNodesList.Font, FontStyle.Regular)
ElseIf replypingms > (LVMainNodesList.Items(i).SubItems(2).Text * 2) Then
LVMainNodesList.Items(i).BackColor = Color.Red
LVMainNodesList.Items(i).ForeColor = Color.WhiteSmoke
LVMainNodesList.Items(i).Font = New Font(LVMainNodesList.Font, FontStyle.Bold)
Else
LVMainNodesList.Items(i).BackColor = Color.Yellow
LVMainNodesList.Items(i).ForeColor = Color.Black
LVMainNodesList.Items(i).Font = New Font(LVMainNodesList.Font, FontStyle.Regular)
End If