Did you know that Mexico, Brazil, Ecuador and Venezuela all have higher kidnapping rates than Colombia? Probably not - read about kidnapping statistics in Colombia at this link and you'll see that the risk is minimal.
Anyone that tells you not to travel to Colombia for safety reasons is very mis-informed. Colombia is a massive country, and massive sections of it don't see any trouble and haven't done so for many years. Much of Colombia is perfectly safe to visit, though admittedly large parts are not particularly safe to visit. It's easy to get paranoid and not want to visit in the first place, while on the other hand so much of the country is so peaceful that it can be easy to be foolish when you are there and travel to places that you really shouldn't be travelling to. Visit the safe areas, and steer clear of the less safe ones and you'll almost certainly have no problems whatsover.
Colombia was a dangerous country in the 1980's and 90's and still suffers from that bad reputation. Most of the press and media have not bothered to report that nowadays (I'm writing this in 2008) it's very different, and a lot safer. Major cities such as Bogota, Medellin, Cali and Cartagena are considered relatively (by Latin American standards) safe today. Colombia's Lonely Planet (however useless it is) reports that Medellin is considered to be one of the safest cities in Latin America now. Kidnappings in the big cities are very rare these days. The regions that are dangerous are the remote, off the beaten track rural destinations - see the map of Colombia section for details on where is considered to not be particularly safe. Cartagena has never been an area affected by the guerilla activity - even luxury cruise ships visit Cartagena these days.
Is bus travel safe in Colombia?
Yes it is, as long as you're not travelling through any "red zones", in which case take extra care. See the map of Colombia for details on the red zones. Routes between major cities such as Bogota, Cali and Medellin are all safe. Most of the major highways are perfectly safe. The overland highway from Cali to Ecuador is not the safest route, and buses are robbed there from time to time. If you do take this route it's best to do this during the day rather than at night (indeed it's safest to travel during the day everywhere in Colombia, indeed everywhere in Latin America). The military and police are present along all major roads, but more so during weekends and holiday periods, and as such it's safer to travel during these times.
Is Colombia safe for travel for a solo (female) traveller?
Yes it is. Just be sensible as you would be in any developing country. Don't visit the red / dangerous zones. It's advisable to speak at least some Spanish if you're travelling on your own. There's lots of Spanish schools in Colombia where you can study for a week or two to pick up the language if you don't speak Spanish.