Well in one of my projects, I use EntityColour to differentiate between Player 1 and Player 2 (one's 200,100,100 the other is 100,100,200 to make a pale blue & pale red mesh for the player crafts' main bodies)These are then Textured with the same, monochrome (well, black, grey and white) texture - kind of bumpmap thingy, really - the colour shows through giving the appearance of two different textures.
--------Actually cant remember if they are coloured/textured first, or if it makes a difference!
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Most cards are designed to draw textured polygon fast because that's the usual case. Polygon without a texture is not, so it might have to create "virtual texture" nased on the color value to be able to draw it at all... this is not a fact but rather gut-feeling or educated guess. But I would stay away from materials/surfaces that don't have texture/UVs.
Yeah I downloaded a free mesh that came without UV information. It caused lots of weird effects that even varied from time to time, and killed my PC (BSOD) if I tried wireframe mode. I have a 128M ATI Radeon card.