TERM is set to screen. I tried with
screen-256color, but then the colors went really nuts. I also tried
linux, and some others (that I could think of, not really thinking) but
screen is the closest I got - albeit not quite - to "pure" tty Emacs colors.
As you see below, the colors work (top window), only for some reason they show up incorrect as cyan, in the case of Emacs-w3m.
Also, probably related, the block, solid-color cursor that I had, got replaced by an underscore. I prefer the color-shifting block cursor - not the least because it is much easier to spot after a search. (Note: the cursor problem does not show below as I used the shell command to get the screenshots.)
*Faces*display doesn't have the one that's different visible. Is there any way to show the actual definition of the configured color instead of the sample text? Also, how do you configure the cursor?