A color circle, based on red, yellow and blue, is traditional in the field of art. Sir Isaac Newton developed the first circular diagram of colors in 1666. Since then, scientists and artists have studied and designed numerous variations of this concept. Differences of opinion about the validity of one format over another continue to provoke debate. In reality, any color circle or color wheel which presents a logically arranged sequence of pure hues has merit.
A great article from colormatters.com about colour theory and how it relates to web design.
Another article by Erica over at Art Work Abode has more insights.