Michael Siegel made a good post on facebook about color and how little it has to do with describing form. So I did some studies focusing on two techniques, adding color after values are done and directly applying colors and keeping the value in mind. Two different mind sets each with different results.
As Anthony Jones talks about in his livestreams applying colors after values allows you to focus more on the design of the image, while working with straight color it's just one more thing to think about. I find this to be true but working with color from the get go always seems to yield better results. It is worth continuing to do both though. Maybe down the road the two will come together for me or the project will dictate which technique to use.
Both from ref, courtesy of http://www.cinemasquid.com/blu-ray/movies/screenshots
Color after value: