This is the same corner with the base color painted over the caulk.  Note that I didn't exactly do a neat job, and instead just slopped on the paint.  Why?  Good question.  If I'd followed the exact pattern of the caulk I may as well have put up a big neon sign reading, "BIG REPAIR RIGHT HERE!"  I've found it's best to blend in the surrounding area so that there are no true stopping and starting points the eye can easily follow.
Notice also how sloppy I was with the white nails.  Again, these nails need to blend even though they'll just look like they're supposed to be there when I'm through.  There's absolutely nothing wrong with nails showing in this particular project.  Why?  Good question.  Because I say so.