I whipped up another free tutorial for you guys!
This one is good for complex vertex animation using baked texture information stored in the vertex color channel. Hope this is helpful! Don’t forget to like us on Facebook and follow us on twitter!
Video:
http://eat3d.com/free/ue4-shader-fx-vertex-color-baking
Facebook:
That was super useful - thanks for sharing. What other applications can vertex color be leveraged for?
Glad it was helpful 
There are a ton of things you can do with vertex color. For instance, you can set up a quest system that accesses the green vertex channel of any mesh for interaction FX. This will allow you to apply material visuals to any mesh in world space via vertex color (G) from 1 master shader. We did this before and it saved a ton of time, effort, and performance.
Honestly there are so many things it would probably be impossible to fit them all into a large book. I will try and come up with some interesting ones and pm you.
Wow. Super useful as always Jeremy. Thanks for sharing this knowledge with all of us.
@ - No problem 
JBaldwin - thanks for the reply. That does sound like a super useful method for a ton of things!
I was interested to see if I can do something similar in Blender.
Found this addon: ⚓ T28211 Bakes the colors of the active UV-Texture to Vertex Colors
which bakes any texture on mesh. Haven’t played too much with it, but this addon looks useful.
thank you