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".