I tried DL Light a few years back and it was very drying and chalky, with only a few shades available. I bought the reformulated version, and this stuff kicks butt! It goes on sheer, buildable to light-medium at best, which is precisely the kind of coverage I'm looking for. It does live up to its name of "soft matte," as it gives a satin finish with a slight glow that doesn't make my face look flat like it was before it was reformulated.
My favorite part about this is that, like a lot of reviewers have stated, it stays put all day. My face doesn't get oily, nor does it separate anywhere on places where other foundations do. It looks insanely natural when applied with a sponge. I found I have to let it dry down on the first layer before I can build it up. But I like having the option of just applying a sheer layer on lazy days like a tinted moisturizer - a lot of TM's tend to disappear on my face by the end of day, but this one wears so well.
My biggest gripe on this foundation is the shades. Oh my god, the shades. EL shades are just so confusing, because they don't always match up from product line to product line. This product in particular seems to be one shade lighter than its Double Wear/Double Wear Max counterpart. I have a tan right now that puts me to about NC30-35, and on Double Wear, I would be about a 3w1. I settled on 4w1 on DL Light because the 3w1 is way too light, I think it's closer to NC25. It's a little on the orange side, but it's not terribly obvious. You have to choose a shade down for this particular foundation. Definitely worth swatching in person before buying, as it's very confusing.