Import Vertex Colour

Hi everyone,
Solved with release of 2.48a***

Quite new to Blender but I’m enjoying the learning process. I have a question, I work with point cloud files on my day job and find the I can convert them to ply files and import them into Blender for rendering.
The header on the script says it supports vertex colour, but when I import the mesh the ‘colour’ is listed as a UV Texture under TexMesh and is flat black, as opposed to Vertex Paint.
I can Vertex Paint the object and export the ply file with colours fine, but when I re-import the ply file the colour info appears lost.
Is there a step I’m missing? I’ve tried using the VCOL button, Tex Face etc., but no luck.

Thanks in advance.