Vertex Paint modifier sorely needs at least this, relatively small update.
It would be really nice if converting between selected sub-objects would work exactly like in Edit Poly. How else am I supposed to (in reasonable manner) select all these inner faces of the box in order to work with them? The easiest way would be to select the bottom inner vertices while in wireframe view, convert them to polygons and grow selection until all of the inner faces are selected... however, it can't be done because Vertex Paint, for some reason, doesn't support conversion between subobject selections
Also, Vertex Paint selection could also really use Edge selection mode. I realize that in vertex painting you can't really work on edges, since at lowest level it works only on vertices, but how about adding the option to select edges so they could be then converted? Sometimes it's much easier to select edges and then convert them to polygons/vertices you wanted to select in the first place.