I love this eyeliner and am going to purchase every colour!
That said, there are a few things worth mentioning. The liner is really thin which makes it hard to sharpen and it doesn't look like there's a whole lot in there, which means it won't last long either.
It also does smudge a little for me, especially if I don't use anything to set it. If you intentionally rub it though, it does eventually come off when your eyes are red. XD
Waterproof? Maybe. With a little soapy water, it came off quite easily, so no idea how it takes plain water.