In the bottle it is a pink with a touch of peach that's still neutral. It's really quite pretty. You won't get bottle color on your nails though, so if you're expecting that you'll be disappointed. It's a lot more sheer, but really pretty.
1 coat goes on very sheer and is barely there but pretty and clean. Unlike some colors that start to streak (Essie Ballet Slippers), this one does not start to streak as it dries. It went on very well in one coat, but is not pink, just milky (over milky basecoat, but regular is fine too).
2 coats go on really well. It's sem-sheer with a bit of a jelly feel. I wish all Essie nudes and french tones went on this well. It's easy to work with, doesn't patch or streak. It's still not pink or bottle color, or opague. But milky with a more neutral tone, that is less white. I really like it in 2 coats.
3 coats also go on really well. Zero application or streak issues, perfect. A little more of the pink comes out and it has a deeper, more gel like look. I like this, but those that don't might want to do 2 vs 3 coats (either is good). It's clean looking and natural, not the bottle pink. I love it!
This one is a keeper and a rebuy. For a cheaper alternative (not a color dupe though, but in the same family) try Wet N Wild's 2% milk, it has a similar look on the nail and applies beautifully. If you like how this one applies, also try Essie Allure, it is lighter and more sheer, but applies well.