D&R:
I too have heard the stories of purpleheart staying purple. I think every wood from South America has several different types of the species, and this probably is no exception. I have actually seen purpleheart go to a dark, brownish purple over a period of years when left outside (small piece on the burn pile). It was beautiful.
OTOH, I have friends that have used it, kept it out of direct light, don't have the work directly under a lamp, and used UV resistant exterior urethane on their interior piece. It turned a beautiful dark brown, but with no character at all since the wood was without defects. So it was stunning in purple, and just pretty in brown.
I think "you pays your money and takes your chances" with this wood. I know from our local exotic lumber supplier that half the time he is selling something that comes from South America he doesn't know exactly where it came from, if the wood came from the same stand, forest, or country. It is the same with all exotics, since down there these are also know as firewood to many of the indigenous people.
That being said, I used laquer thinned by 1/3 and a spot of BLO in it to finish all the purpleheart beads and pendants for my niece's Christmas presents. Turned out great and finished easily.
Good luck!
Robert