Specifically, they *had* a paint system in place that no longer works with the advanced shaders they are using for components and damage states.
But there will, at the least, be the ability to tint the primary and secondary colors (the white and black on the Avenger, for instance) and they really want to give us the ability to add "decals", things like wing and tail insignia.
Hope that will extend to nose-art and names, myself. But I haven't heard that stated specifically.