I have this in two shades, Titian RS306 and Venetian Rose RS711 and I love them both.
The formula is great, very pigmented yet very light, almost weightless when applied. Lasts reasonably well and leaves a soft stain behind as it wears off - no dreaded ring of colour!
Absolutely no scent or taste, which is great. I don't mind some lipstick fragrances, but that chemically waxy "no fragrance" is plain nasty.
The packaging is great, the tube is really sleek and elegant, dark metallic purple metal. Very luxe! It has a slightly odd shape - like a square with rounded off corners with a shallow groove in each side. It's lovely to hold, as well as to look at.
The colours: Both are rose based shades (as designated by the RS code in the name, RD = Red, PK = Pink, BE = Beige, etc).
Titian RS306 is a lighter brighter neutral rose pink, not quite candy but still pinker than my normal lip colour.
Venetian Rose is a deeper, cooler, slightly lilac toned rose, very classy and sophisticated.
They look fairly similar in the tube but look very different when applied.
I intend to purchase Blush RD732 and possibly Roseate RD734 as well!
EDIT: Picked up Blush and OHMYGOODNESS! It is so, so pretty! It's red but it's not RED. It's an amazingly flattering shade, very neutral, slightly beige toned and not look-at-my-lips but has a bit more oomph than MLBB shades. Utterly gorgeous!

PROS: More moisturizing than most lipsticks

CONS: Applies very sheer. For a lipstick, you'd think you'd get more coverage, but I guess that's a sheer lipstick for you. I know it said "Perfect Sheer" but I would've thought the color was at least buildable for full coverage. Guess not.

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UPDATE:
Okay, so it's been about 6 months or so since I've bought this and I'm pleasantly surprised that this is the lipstick that I KEEP COMING BACK TO. The color is beautiful, slightly pink, and sheer so it's matches your skin color perfectly. Also, this is probably the most moisturizing comfortable lipstick I've ever worn, next to Laura Mercier and Korres. It really is a beautiful lipstick.

These are the best lipsticks I have ever used. I have a fair few mac ones but they pale in comparison now!

These are so hydrating and do not dry out your lips. The colour payoff is awesome and they last for a decent amount of time.

I own about 3 or 4 so far and will repurchase!

I have got nr RD415... My second very red rouge! I love it because the pigment quality is great. Unfortunately it did not last very long. I will buy again because I love the creamy texture and the colors. I use lip brush for it..

Tried the PK331 which I think Its named DIVINE. Beautiful bright pink. Sorta has a veryyyy light mauve tone. Very creamy. Was about to spend the 25 bucks when my friend convinced me to find a dupe. We sure did! Found it in Sephora Lip Attitude Collection in Poetic Pink 07. This one seems more hydating than the shiseido version. It costs 12.00. Yay!

Sweet pea and Salon are my 2 favs. Love the creamy texture and colour payoff. Sweet Pea was my official return to lipstick after years of lipgloss and not going back again. Shseido does not make a lot of colours for dark tan skin so these are the only 2 colours that are great on me, the others are way too light or cool. In my opinion this lipstick has a better formula than Chanel's Rouge Coco but neither stay on long enough but I would rather keep re-applying these than lipbalm.

I don't know why this hasn't gotten better reviews--it's a great color! The name is a bit confusing, since it's not rouge at all. It's a light pink that I think goes really rather well with a smokey eye, love it!

I just bought this lipstick yesterday, I got it in be310 and the color is amazing, it's a soft nude beige color, it makes my lips look so natural, the packaging is different but innovative, I love the formula is so creamy and gives my lips a satin finish, however it does not last all day, I Iove longwearing lipsticks. I had to apply this one three times a day. But i absolutely love this lipstick.

I bought this lipstick in pk303 (pink mesa) at Nordstrom! I was looking for the perfect my lips but better shade and I must admit that this wins hands down, total HG!! The color is to die for where my light skin is concerned and the wearability is just awesome!!! I have received so many compliments on this shade. Perfection....

This lipstick lasted through two sushi rolls, miso soup, a cucumber salad, and a cookie without budging even though I saw traces of it on the chopsticks. For how smooth and creamy the lipstick is, I was surprised it didn’t come off more. The lipstick really has a very silky and luxurious feeling. I reapplied once in a 12-hour day even though my assistant told me I didn’t need to (I really didn’t need to).

I tried this lipstick in Dragon and the red was perfectly suited to my fair-medium skin tone. Best of all, one of the girls in my office told me that my red lips make me look skinner. How?! Who cares?