For anyone who wants to try and follow along with the new vertex paint system, Sculpt Paint, I learned that you can mask areas in order to specify colors like this: create a face set on the area you want to color, select color filter and set filter type to Fill. Go to Active Tool Workspace Setting (the wrench in the Properties window) >Options>Auto-Masking and select Face Sets. Then click on the area that you want colored and drag to the right.
As far as I can tell it's basically vertex paint, but in sculpt mode. It allows you to sculpt and paint without changing modes.
Also with some added features, though I suspect the features should be available in both modes.
A good tutorial: https://www.youtube.com/watch?v=u-FpZFe2OzI
One of the coolest things in that tutorial is using the output of a high poly model and applying it to a low poly model.
I think we all are going to love the new painting improvements Blender. It's been too long.
Sculpt is not just convenient but much more performant. I think there are some extra features with the brushes too. Simon Thomas (the node master at Blender Studio), told me that Vertex Paint will be deprecated eventually and Sculpt Paint will completely take its place.