The long way I do this is:
- have cycles render selected
- setup the materials of a mesh
- create it's UV coordinates
- create a new image and assign it to the mesh
- bake
- change from cycles to blender render
- if in cycles you were using nodes for materials setup, disable it
- setup the material as shadeless
- go to the textures of the object and set the baked texture
- go to object data->vertex colors and add a new one if there wasn't
- go to bake options change bake mode to texture and bake to vertex color and finally bake it
This takes a lot of time to do and the final vertex colors bake will always have some vertex that are colored incorrectly because the UV projection was not perfect. Is there any way to bake in cycles directly to vertex colors?