right after i started with anim8or i tried blender and liked anim8or better. however, i didnt really give blender a chance.
as far as texturing, there are some prgrams that let you directly paint onto models, but the best way is to use the otehr method you mentioned.
its all about UWV mapping. Basically, you take your model, break it into pieces (like the arms, hands, legs, torso, and head) and then take all the polygons which make up those pieces and "unwrap them" so they are 2d.
FOR EXAMPLE: here is an image i found on google of someone's 3d head they have unwrapped:
http://jeffrey89.files.wordpress.com/2007/09/jeffreys-uvhead.jpgThe green areas represent the seams created in the unwrapping process
after you unwrap your model, you can take the image like the one above into photoshop or whatever and paint a texture over it, then place that texture on the original model. Your model will remember the UVW coordinates you gave it and the texture will wrap over it perfectly (assuming you did it correctly).
Here is one of my initial maps for magus to add color to the lips, eyes, and crevaces of his body:
The head and chest are upside down but thats just because of the way I unwrapped it. i also unwrapped it so the arms would be larger than the legs so, if i wanted, i could paint more detail on the arms (because they legs will have pants over them anyway).