Here's a rule of thumb I used to use for creature costs.
The base converted mana cost of a creature should be equal to the average of the creature's power and toughness. Now add 1 point for each "normal" creature ability, such as flying, trample, protection, first strike, etc. Other creature abilities (such as tapping to do damage, etc.) should be priced at 1-2 mana, depending on their effect on the game. Subtract a mana for each drawback (not something whimpy like Juzam's damage dealing, but a solid drawback). Obviously, a creature that draws cards should cost more than one that taps another creature in play. I never really had a system for figuring this part out.
To figure out the number of colored mana required, look at the abilities of the creature and determine how characteristic they are to that color. A green creature that regenerates and tramples should have at least two green mana in its cost. A creature that is blue and flies should only have a single blue in its cost. I suppose for multicolor cards, you should figure out how characteristic the abilties are to each color and assign that way.
That last qualification should probably be applicable to spells as well. Expect that a counterspell of some sort will have double blue, a white "kill 'em all" (e.g., Wrath of God) effect should have double white, a game breaking black card with a distinctly black ability (trading life for cards, reanimation, etc.) should have triple black, etc. The double colored requirement keeps the card in an appropriate deck. A splashable "characteristic effect" should cost more to counteract the cost or have some other drawback.
That's just a suggestion. I did use to use the creature rule (and still do, when I actually look at creatures), and it seems to be a decent rule of thumb (not exact, but decent estimater).
Check out this question of the day for July 16:
http://www.wizards.com/default.asp?x=mtgcom/askwizards/0704