It would be great just as long as you can't paint every single item. Just items like fences, wool, doors, etc.

Awesome idea, but it would be better as a mod so we won't have to wait for updates from M ojang every now and then.

The Sims 3 had like, the best ever item editor of any game ever. It allowed you to pick so many patterns, colors, combinations, etc. in styles to make items look unique that it was mind boggling. I always thought if that kind of engine is integrated within minecraft it would be heaven! Of course you could turn it off if you didn't want it but if you could have it when you wanted to create some styles it would be so wonderful.

What kind of paint are we talking here? Also, would it be just a singular color thing? Or more detailed?

I am not sure what I think of this yet.

Seems a leeeetle on the side of mod-like, but I'd certainly love it!

Meh, seems too moddy to me, something I don't like.

That would be cool, They probably would consider this since we already can color most things, so why not everything else?