I bought this a little skeptically because I don't usually like Cover Girl products; they tend to be very underwhelming to me and Cover Girl used to test on animals. But I'm on a budget and I was looking for something to use as a tinted moisturizer or to mix with my own moisturizer to use as such. Personally I think they should market this "foundation" as a "tinted moisturizer" because the coverage is sheer, maybe medium if you layer.
I'm a 305 ("Alabaster") and the color is quite nice. I think it's yellow and not pink based, which is better for me because I have neutral-leaning warm undertones. I love the texture of the product- I can apply it with my fingers sans problem- and its slightly illuminating qualities. I use it over a face sunscreen because I'm really anal about sun protection, and it doesn't pill up or react weirdly like some other foundations. My skin is a little dry, so maybe that's why I don't find I have any issues with oil... but I don't think you would, unless you use too much product.
Overall I'm really pleased and would repurchase again! We'll see how things go in the warmer months.