Take a look at the custom UISwitch control that I built to allow me to change the background color of the control. You could use the same method to change the text, the font, or the text color very easily.
http://www.homick.com/posts/custom-uiswitch-control
The code is available on Github and includes a PSD that is used to build three different png files that the control uses. You can modify the contents of the psd to recreate the png files in whatever format you like. Swap those into the control and away you go.
This gives a lot more options than just orange and blue.