It took me a long time to understand why colon wasn't a valid character for file names on Mac and I still find the colon separator to be the least visible these days. Finder can display paths with the forward slash separator (defaults write com.apple.finder _FXShowPosixPathInTitle -bool YES), and yet forward slash may be used in a file name created through Finder as noted in the post, while colon cannot (which is not addressed), but creating a file in the terminal named with a colon is possible and the shell will escape it correctly in use. This file then shows up with a slash in place of the colon when viewed in Finder, and conversely the file with a slash in the name shows up in Terminal with a colon!
You still have to worry about colons on Linux; while they're valid in file and folder names, they prevent folders from being put on PATH and understood properly.
(Other characters of course cause usability problems and are potentially even a security vulnerability depending on the terminal. But they're still "valid".)