If you have the rs (reshape) utility available, you can do the following:
rs -Tzc: < input.txt
This gives the output format exactly as specified in the question, even down to the dynamic column widths.
-TTransposes the input data-zsizes the columns appropriately from the max in each column-c:uses colon as the input field separator
This works for arbitrarily sized tables, e.g.:
$ echo "Name:Alice:Bob:Carol
Age:12:34:56
Eyecolour:Brown:Black:Blue" | rs -Tzc:
Name Age Eyecolour
Alice 12 Brown
Bob 34 Black
Carol 56 Blue
$
rs is available by default on OS X (and likely other BSD machines). It can be installed on Ubuntu (and debian family) with:
sudo apt-get install rs