The modellers I use tend to let you set the colors of the object (diffuse, ambient, etc.) and then also a texture. But DBPro (patch 3) never took these color into account. For example, you have an object in a modeller with it's colors set to red and it has a black and white checker texture... it gets displayed in the modeller as sort of a red and black checker, but the texture takes over in DBPro (the object is black and white checker). I don't know if this is even supported or meant to be supported in DBPro, but my guess is that it really isn't. I forget what the DX8 Meshview tool shows for these "colored and textured" objects... it may even be a DX8 limitation.
As far as the specular lighting goes, it may be something similar.
Does anyone know if the color thing works in patch 4?