Been a while since my perception classes, but I believe the disappearance and color change are related to the same phenomena (sp?) that causes you to not feel your clothing on your body. Essentially, your eyes get used to the constant activation of the pink detectors in your peripheral vision, and stop being stimulated. Then the moving dot changes the intensity, making you see it, but since you are over-stimulated for the pink coloring, you only see the difference in intensity which you see as green.
I'm pretty sure your eyes never fully adjust to what is directly in your line of sight, which is why the black cross never disappears.
I may be a bit off, but I think I'm close to the actual reason.