In PrepareViewStyleInfo, when e.RowIndex, e.ColIndex point to teh cell you might want to color, then you should do your check at that point, and set e.Style.backColor if the check indicates it should be colored.
//to make sure the whole row is refreshed as needed, in form.load, set
this.grid.Model.Options.RefreshCurrentCellBehavior = GridRefreshCurrentCellBehavior.RefreshRow;
//the handler
private void gridDataBoundGrid1_PrepareViewStyleInfo(object sender,
GridPrepareViewStyleInfoEventArgs e)
{
//color col 2 if col 1 is "v"
if(e.ColIndex == 2 && e.RowIndex > 0)
{
string s = this.gridDataBoundGrid1[e.RowIndex, 1].Text;
if(s == "v")
e.Style.BackColor = Color.Red;
}
}