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The help text on the colorbox admin page still says
Add the class "colorbox-load" to the link and build the url like this for forms "/colorbox/form/[form_id]?destination=some_path&width=500&height=500"
This is despite the fact that the colorbox/form/[form_id] functionality was removed in version 7.x-2.x according to the front page of the module.
Gimme a minute, and I'll submit a patch.