I've been experimenting with a pretty cool technique for getting really soft blending/coloring with colored pencils: spill the shavings from sharpening a woodless colored pencil onto the paper, and rub it gently in with a cloth or rag. The more pressure applied, the darker the color will be, but it gets a nice smooth application regardless. It ends up looking similar to pastel chalk drawings. Take a look at some of the early results: