As a foundation, I would give this a 3. As a concealer, I would give this a 5. So, I split the difference.
About My Skin: Combination - The area on and around my nose is moderately oily, my cheeks are incredibly dry, and everywhere else is pretty normal.
Coverage: Not entirely full coverage in one thin layer, but pretty close. If using all over your face as a foundation, I wouldn't recommend more than a single thin layer as it will look obvious. However, using as a concealer in small areas (with a brush), I can use two... even three layers and it looks great (leaving about 30 seconds to dry in between layers). I have yet to have a blemish that I couldn't completely cover with this (I don't get outbreaks very often, but when I do, they're quite bad).
Wear Length: INSANE! At least 12 hrs with no fading.... probably longer if needed. I have problems with most foundations & concealers melting and wearing away quickly in the Florida summer heat and humidity, but not this one! It really is waterproof too... I've swam with it in a spring and came out with 95% of it still on.
Finish: Personally, I would call this matte. When using all over the face as foundation, I find it to look a bit unnatural and heavy (but then again, I feel that way about ALL full coverage foundations)
Texture: A rather thin water-based liquid. Unfortunately, it's very drying and accentuates flaky skin, which is it's major draw back for me. Doesn't bother me when using as a concealer though because the areas I need extra coverage in aren't dry or flaky (usually just underneath eyes and on the occasional blemish). It also dries very fast, which is GREAT if using it as a concealer in small areas (only have to wait 20 seconds in between layers). However, if using as an all over foundation you'll have to work fast to get it to blend well.
Packaging: A little messy (the foundation tends to squeeze out the top leaving the inside of the cap and the top of the bottle covered in dried foundation)
Bottom Line: HG Concealer! Truly Waterproof! I don't recommend using as as foundation though unless you have normal to oily skin with no dry patches or flakes at all.