Colored pencils generally come in 3 kinds...soft lead, hard lead, and the watercolor.
The soft lead are the ones specifically known as Prismacolors. They're great for coloring. You can get a really solid color and they blend together if you use more than one color.
The hard leads are Verithins. They have a much arder lead and don't give as complete coverage and have more of an artsy feel to them. They're generally a bit less expensive than the soft leads.
Watercolors are a great toy...drawn on they look a lot like the hard leads, but when you wet them (with a blender pen, wet paint brush or aquapainter) they're just like watercolors without the mess.
I actually have all 3 (art major in a former life) and the watercolors are my favorite for cardmaking