I got myself the Adobe Production Premium CS6 pack and decided to test out the 3d painting feature!
Did a quick random sketch.. looked like some little garbage robot -thing..
You can see a quick test of the painting here: http://www.youtube.com/watch?v=n-7b5GOZCJs&feature=results_video
It has weird white artifacts sometimes.. but you would mainly use it to establish main colors and sketch out the design, after which you'd switch to the 2D view.
Some 500 Tris
EDIT: Here's another render.. 2k texture and 256 one.