Vertex Paint Tool

Available in subobject modes object, vertex

Similar to the max standard modifier "Vertex Paint", the vertex paint tool has some advantages above this - especially the feature, that you can paint many vertices at once, and you can have a smooth paint border and stylus support.
If you press shift or ctrl, you may pick the color from another or the same mesh.With shift, you pick an average color of all vertices inside the radius of the paint tool. This is a bit slower than the original vertex paint modifier. With ctrl, you pick the color in the center ot the radius.
This tool is also available as a standalone modifier named "VertPaint".

Color: Your paint color, like in the original Vertex Paint Modifier
Opacity: The paint opacity, like in the original Vertex Paint Modifier
Smoothing group borders: If you check this, Vertex paint is only applied to the faces with the same smoothing group the cursor center is on.
Color Palette: A color palette like in the original Vertex Paint modifier. The color palette is saved and you can explicitly save it to a file.
"Gr" Button: Sets a greyscale palette
"R" Button: Sets a red palette
"G" Button: Sets a green palette
"B" Button: Sets a blue palette
"C" Button: Sets a mixed colors palette (same colors like in the original vertex paint)
"Save" Icon: Saves the actual palette to a file. The file format is the same as the color clipboard files (*.ccb), except that 16 colors are saved instead of 12. Nevertheless you may load ccb files created from Vertex Paint into Color clipboard and vice versa, but in that case, only 12 colors are loaded.
"Load" Icon: Loads a .ccb file into the current palette.