While knitting colorwork in the round it helps to turn your knitting inside out for those sections. The biggest benefit of this is it helps keep your floats from being to tight. This is because you have to carry your floats a longer distance while working inside out than you do working right side out. Another benefit is it helps keep your tension more even. Even if you are normally a tight knitter your tension is naturally looser while working inside out keeping your colorwork sections more even with the rest of your knitting.
Although it is recommended to knit colorwork with with circular needles that match the circumference of your work; it is still possible to use Magic Loop or DPNs. However using these methods does leave more room for tighter floats so work your floats very carefully while changing needles. A big tip to help is catch your float on the very last stich before you change needles to help keep your floats form "cutting across" and being to tight. This keeps your floats laying nice a flat along your work.
So, give it a try and let us know your thoughts below!