Stay sharp! Good quality pencils will allow the lead to be sharpened regularly. Needle sharp tips on your pencils are perfect for applying detail and getting the precision required to color intricate areas of a design. Thinner points will give you more control over the color produced, big fat rounded ends on your pencils make it difficult to get the brightest colors.
Whilst most colored pencils are wax based, some brands use an oil based lead, like Faber Castell's Polychromos. These pencils are very soft to apply color so will cover every fibre of the paper with their bright hues, but they are also very expensive and should only be considered if you are looking to take your art to the highest level.