Some good information here.
I use a simple white seamless backdrop made of white dry erase board. There are three lights aimed at it in a pretty standard 3 position. Two lights slightly above subject at 45 degrees to each side and one more light over head shining back at the curved backdrop which helps soften everything. The key to ANY light set up is white balance.... I have a fairly cheap point and shoot Nikon COOLPIX camera that lets me measure and adjust the white balance. I DO NOT use the preset white balance when doing photos nor do I ever ever ever use a flash. It only takes a second to let the camera measure and set white balance based on your unique situation. I would imagine that most modern point and shoot cameras have this function as well as the presets.
The bulbs I use are just simple 150 watt flood bulbs from walmart... Nothing fancy. Again, if you white balance the camera the bulb color doesn't matter all that much (within reason) because the white balance will compensate for all of that.
Here is an example of a photo I took a few days ago.
I will also say that I am a graphic artist / editor by profession and I tweak my photos in Photoshop. I don't adjust colors only the levels (brightness, Contrast) ect... I don't know a single modeler that writes articles (and i know a bunch of them) that doesn't do this. A camera can only give you so much and subtle tweaks with a computer makes images sharper, crisper and truer to life.