Hi Bill,
I don't think the ListView supports that.  What you can do is handle the condition in the ListView.RowPopulating() event and change the color of the whole row or add/change an icon in that row.
    Private Sub lstContacts_RowPopulating(ByVal e As MicroFour.StrataFrame.UI.Windows.Forms.RowPopulatingEventArgs) Handles lstContacts.RowPopulating
        Dim bo As bizContacts = DirectCast(e.BusinessObject, bizContacts)
        e.UseGroup = True
        '-- Show the Inactive Status with a friendly text
        If bo.RequestServiceAuthorized Then
            e.GroupHeaderText = "Request Service Authorized"
            e.RowForeColor = Color.Green
        Else
            e.GroupHeaderText = "Non-Authorized"
        End If
        '-- If inactive, set the forecolor red.
        If bo.ContactIsInactive = True Then
            e.RowForeColor = Color.Red
        End If
    End Sub