I really like these! They lay down very smoothly, have brilliant color, and since they are woodless, they last forever. It's an excellent price for a professional grade color pencil (you can find them cheaper if you do a little searching on the net). The brand is Koh-I-Noor.
Any sharp hand held pencil sharpener will work (don't use an electric, it will eat up your pencil!) but this is my personal favorite, which you can buy extra blades for as well:
Another color pencil brand I use is this:
They are oil based instead of the usual wax base, so they are creamy and blend and layer well (in comparison to other colored pencils I've used). The colors are also rich and vibrant. You can find them for around $25 online for the 36 set. They are a bit more delicate than the Koh-I-Noor woodless... they sharpen nicely, but be careful not to drop them or the lead will break. Walmart sometimes has these Walnut Hollow pencils, but in the 12 set (I was shocked to see them there!). Don't let that deter you, they are a great pencil.
In general, colored pencils don't erase well...
I used to use Prismacolor, but they have serious breakage issues for me, so now I avoid them. They are overpriced anyway, in my opinion.
What kind of pastels are you interested in? Soft? Hard? or Oil based?
I have tried some different brands of soft pastels (and Nupastels which are a bit harder) and can give my suggestions on the ones I've tried. I have a set of Mungyo 64 half sticks (soft pastels) which I found super cheap online. They are extremely brilliant colors and are very blendable. Their only drawback is they produce excess powder as you work, so by the time you are done there's a small pile of pastel dust on the floor. And being so soft, you go through them faster.
I also use Rembrandt soft pastels, they are pricier, but considered artist grade (I actually prefer using the Mungyo). They are good, but a couple of the colors are so hard they don't lay down well. And less powder on the floor.
Nupastels are also good, and a bit harder. They lay down ok, blend well, and are hard enough to give some sharper details.
Best wishes in your creating!