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You can also get to a HUD (Heads Up Display) version of the Color Picker by holding down the Control+Option+Command keys on a Mac (Alt+Shift+Right Click on a PC, I believe)
But I personally find the HUD color picker unintuitive and problematic.
If you find a way to keep a floating Color Picker window, post back. That could be convenient.
Thanks for your ideas everyone!
If I find any new solutions, I'll repost on this thread. Hopefully Adobe will add this feature to CS7.