[Edit: Took a lippie off because I forgot that it makes my lips feel weird if I use if for more than three nights in a row. The best way for me to use this is to cake it on for a night or two, and then switch back to Burt's Bees Pomegranate, which for some reason is the only BB's lip stuff that does anything for me.]
I love love LOVE this stuff. I had awfully chapped lips from weather and dehydration, to the point where I got angular cheilitis at the corners of my mouth. I had to treat that first, and then I tried 5 or 6 different chapsticks before I hit jackpot on this. Burt's Bees, Yes to Carrots, Aquaphor, and Carmex and Blistex pots - none of them did much at all for me. They would help, but only minimally. I picked this up at the drugstore after a couple weeks of nothing working, and the difference after one night was AMAZING. Much, much smoother, especially on the inner rim of my lips where I chap the worst. In three nights all of my chapping was gone - we're talking a shredded outer layer of skin, and worse where I would pick at it to the point of bleeding, all gone. I think it's the lanolin in it that really does it for me. Sure it has white petrolatum (basically vaseline), but other stuff I'd been trying did too. Lanolin isn't as common an ingredient in chapstick, although nursing mothers swear by it as a nipple cream.
It's a nice solid little tub of product (about the same as a little medicated Blistex pot), but it's still a little pricey and you could probably find purer lanolin products for cheaper. I'm lazy, though, so if I ever happen to lose this, I'd repurchase. I probably won't ever run out of it, as it's not something I would put on except overnight. It has a very opaque whiteness to it that I personally don't like for daytime use, and you can kind of sheer it down but not really. I mean, if you like that light frosted look, go for it, but this washes out the color of my face. Other than that, it's a great product!