it's more typical to put your export statements in your .bash_profile
Yes, it may be more "typical". But on MacOSX, by default, Apple's X11 invokes xterm without the -ls option, so the shell running in the xterm window is not a login shell. As you know, a login bash reads only .bash_profile while non-login bash reads only .bashrc. So CLICOLOR must be set in .bashrc (unless you configure your X11 so that xtem starts a login shell, by editing .xinitrc or .Xdefaults).
In theory, .bash_profile is for the top level (login) shell, and .bashrc is for sub-shells. But I guess may bash users make their .bash_profile to have just one line
source .bashrc
PowerMacG4, PowerBookG4, iMac(C2D) Mac OS X (10.4.8)