To me, that just seems like an extra step that requires a separate program, wasting more time. I'd like to officially request that feature be added back in. That feature made it so much more convenient for creating quick, colored forms and could be any color in the rainbow much faster than opening a separate program, hoping you created the right color, saving it as a new file, creating a material and then applying. Wow, that's a lot of unnecessary steps.
Just one persons opinion but I highly doubt I'm alone in that.