I used to do both. Eventually it got far to expensive for me to continue. I knew a few people that continue on for a bit. However only a few I know continue to play it. Cost is always cited as the reason some of my friend don't play. GWS really are making it hard to justify playing given that when talking about it we compare it to what it use to cost. Seems buying things through the second hand market is now the way to go.
I've still got my armies though:
Imperial Guard Armoured Company
Tyranids
Necrons
Dark Elves
Lizardmen
In terms of colour scheme I only really painted some of the tanks in the Armoured Company. I pretty much quit just after finding a good scheme for them. Tyranids were Red and Black, Necrons where default and I never got round to painting my fantasy stuff. I enjoyed playing more than painting for the most part. The rules are so different now from when I played. Some of them don't make sense to me