No, you just make the red cube a tiny bit emissive and turn on approximate indirect lighting. There’s your color bleed effect, and it renders in a fraction of the time it would take to render with Cycles.
How is Cycles without GI looking worse than BI? It’s identical.
What are “Terminator issues”?
Here’s Suzanne rendered in BI, with one point lamp above and a mesh plane below. Plain direct lighting, no fancy stuff.
And here is the exact same thing rendered in Cycles:
These, my friend, are terminator issues. And look at the time it took to render this crap.
Remember the cave scene I posted earlier? Here it is again, this time without any GI. Pay attention to the shadow boundaries. Do you see the polygons?
Again, note the render time. Plain direct lighting with no bounces actually takes longer to render than the Half-Lambert fake GI version I showed you earlier. And this is just in Cycles. If you could see how fast it renders in BI, your jaw would drop to the floor.
The idea that Blender could do without BI any time soon is completely delusional. Frankly, I don’t have the slightest idea why threads like this keep popping up again and again. Even if they totally freeze the code and refuse to add any new features submitted by third parties, BI will remain indispensable for a long, long time.
But I am arguing for a scenario where BI and Cycles are as fast for the same result.
There’ll be no such scenario. It ain’t gonna happen, period.
I could as well argue for a scenario where BI has raytraced indirect lighting, because last year someone submitted a patch for that. But the patch has been mothballed, like so many others. Rather than asking for a completely new renderer, people should take a look at what’s lying around in the patch tracker for BI. That would also bust the myth that no one wants to work on BI any more.