I've used many Burt's lip balm iterations over the last 20 years. Probably all of them...and this is my favorite, followed by the Honey and Pomegranate versions.
I rate balms in two categories; moisturizing or protecting. I haven't to this day found a balm that moisturizes AND protects well. I've tried so, so many.
So - when my lips are going to be exposed to the elements, I want a protecting barrier, something thicker, waxy, or with a petroleum derivative. I hate thickly greasy though, so things like Carmex are out. Burt's Bees Honey/Original, Nuxe, La Mer or Natural Ice are my choices for protecting.
When I want moisturizing, plumping and soothing, I use this product or the Pomegranate one. It's thin, not as waxy as other Burt's options, leaves a slight shine. It mostly sinks in, and lips look and feel smoother and replenished. It really helps with healing, (not disguising), dryness on the lips and vermillion lines. It's really good for really cheap. This and the Pom version are the least greasy and most emollient Burt's I've tried so far.