I've always been more excited about a Moon colony than a Mars one. I mean, compared to Mars, the Moon is ridiculously close. Many of the same benefits Musk seeks (backup for Civilization, excitement) for a fraction of the cost. Low gravity and atmosphere on a dome would be more complicated, but again, compared to Mars, it's right there . It would be a more humble and realistic first step, IMO.
It's questionable that it's really much lower cost. The Moon, as a vacuum body, doesn't give the option of aerobraking or atmospheric entry, which dramatically reduces delta-V. You can get a payload to Mars' surface with less propellant than getting it to the Moon's surface. And because atmosphere is everywhere (which includes oxygen in the form of CO2 and also water vapor), propellant is way easier to make, so it's…
That seems okay for probes and maybe problematic for people.
Although the poor slob plan comes to mind:
https://books.google.com/books?id=7ejGJaFjLccC&lpg=PA154&ots...