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A very good question, and as you can see from the responses, there are a number of good solutions with different trade-offs.
I tried colored pencils, and liked them (especially the convenience), but once I tried common water-based acrylic paints, I never went back.
Pros and cons as I see them:
Benefits ... the greatest is the ability to match the ink colors so closely. Mixing colors is really not difficult, although anyone totally new to it might want to first get familiar with the "color wheel". Being able to mix colors allows you to go beyond edge coloring, you can touch up the graphics themselves (e.g. hiding scratches, adding wear/weathering).
Because you brush them on, acrylics can be applied very precisely, and without the danger of crumpling a paper edge. A brush can get into corners that are difficult to reach with pencils or markers.
You can vary the amount of water to control the application properties, as well as the transparency of the paint.
Acrylics have a matte finish. And once they are dry, they stay that way. Some kinds of watercolors can be re-activated if they get wet.
Drying time is very fast, like a minute.
Water-based, so no fumes or solvents, ... soap and water clean-up!
And finally ... they are cheap! I think you can probably pick up a basic set of tubes at the supermarket for under $10.
Downsides ... Painting takes a bit more time and effort than using pencils or markers. I usually plan my builds so that parts that need edge painting are ready in batches.
For small or delicate parts on light paper you may need to mind the water content your are adding to the paper. I model mostly in 200 gsm card, so it's not an issue for me, but it could be for others.
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