Right now this is my favourite mascara. I went on a spree of trying many brands for a while and settled on Falsies Waterproof. It's not that I don't have quibbles with it, but it does a better job on all counts without having any enormous downsides.
-it doesn't clump massively, or dry so fast that a tiny clump can't be fixed
-I can apply lots of coats without it suddenly going haywire on me (I'm looking at you, Voluminous Million Lashes!)
-It doesn't flake off (and I'm an eye-rubber)
The main thing about this mascara is that the brush is PERFECT. The slight curve is excellent -- enough to make application throughout all my lashes easier than a straight brush, but not so oddly round or bent that it's hard to control. I like the fine bristles MUCH better than any rubbery/plasticky versions that are out there. And the variable width makes either broad strokes or precise application possible. It's great. And usually I don't need a lash comb at all.
I've found that if I apply more than about 2 coats it does smudge a tiny bit -- when I've done a REALLY dramatic look, my upper browbone area sometimes gets a faint lashes imprint partway through the day. It wipes away instantly and then doesn't recur. Weird, but now that I've noticed it, it's easy to watch for & fix. Since I noticed this, I've checked carefully and it doesn't happen at all when I apply a "normal" amount (say 2-ish coats -- quite dramatic but not over the top). So one lippie off for that. Note - the Black Drama version (still waterproof) smudges less than the regular version - not at all with a single coat or two.