Usually I change an object's color by assigning a material to it. But I also noticed that objects have a color property which can be modified in the user interface with
Properties -> Object -> Display -> Object Color
and in Python with
However, neither of these methods seems to change the object's color in the 3D view or in a rendered image.
So, is there a way to use the color property to change an object's color? If not, what is the color property for?