A low-E coating has good color stability (a low ΔE* value) upon heat treatment (HT). Thermal stability may be improved by the provision of an as-deposited crystalline or substantially crystalline layer of or including zinc oxide, doped with at least one dopant (e.g., Sn), immediately under an infrared (IR) reflecting layer of or including silver; and/or by the provision of at least one dielectric layer of or including at least one of: (a) an oxide of silicon and zirconium, (b) an oxide of zirconium, and (c) an oxide of silicon. These have the effect of significantly improving the coating's thermal stability (i.e., lowering the ΔE* value).