The near-ultraviolet and optical (white-light) continuum radiation in M dwarf flares exhibits a range of observed characteristics, suggesting that the amount of heating at large optical depth varies among impulsive-type and gradual-type flares. Specific flux ratios from high-time cadence spectra and narrowband continuum photometry have also shown that these characteristics vary from the peak to the gradual decay phases of flares. In these proceedings, we present the highest-time cadence (~1 s), highest signal-to-noise (~100) constraints on the optical color temperature evolution during the rise phase of a large, impulsive-type dMe flare event. The flare exhibits compelling evidence of a hot, color temperature (T ~ 10,000 K), but the Balmer jump ratios show that the flare cannot be explained by isothermal slabs or blackbody surfaces at any time in the evolution. The new data analysis establish these properties as critical challenges for any flare model, and we discuss 1D radiative-hydrodynamic modeling that will be compared to the evolution of the flare colors in this intriguing event.