I downloaded my own PLY reader from the Paul Bourke 3D website . At the top of this page are links to code. This site is great for 3D stuff in general. It seems that if you go beyond the usual set of vertices / indexed faces, each application can specify different properties for things. This is probably why you cannot find a standard tool for reading other properties. I only care about geometry, so I never worried about color.
This site has a code, although I have not tested it.
I use Coin and SoQt in my Qt visualization applications. Coin is a free implementation of Open Inventor. The coin comes with a 3DS reader and reader for Inventor and VRML and X3D.
Blender will read PLY, and then you can write a large number of files, such as Inventor.
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