I just went through VTK, as well as the PCL Visualizer, and have not been able to display a full PLY image. All that is displayed is the geometry like so:

Any input about libraries and usage?
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I’ve rolled my own PLY reader from Paul Bourke’s 3D site. At the top of this page are links to code. This site is great for things 3D in general. It looks as though once you go beyond the usual vertex pool/indexed face set each application can specify different properties for things. This is probably why you can’t find a standard tool to read other properties. I only care about geometry myself so I never worried about color.
This site has code though I haven’t checked it.
I use Coin and SoQt in my Qt apps for visualization. Coin is a Free implementation of Open Inventor. Coin comes with a 3DS reader and a reader for Inventor and VRML and X3D.
Blender will read PLY and then you can write to a large number of files such as Inventor.