This is my first ever waterproof mascara, and I'm loving the way it just stays on, and is 110% smudge-proof and water-proof.
I love the formula, it really darkens my thin lashes and it makes them look very full, the mascara is wax based (I'm pretty sure...), and it holds curls especially well. It stayed on so well, I even had trouble taking it off without an oil based remover! That just goes to show how amazing it stays on. My lashes are pretty soft after the mascara dries, so that's definitely a plus.
The mascara doesn't layer on very well, and it will clump after about 3 coats or more. So if you ARE going to layer it, I suggest you work with a quick hand. I'm not a big fan of the wand as well, it picks up more product towards the end of the wand, and sometimes it will apply too much. The brush is too big for me, and I can't really get into the little lashes in the corners of my eyes.
I bought this mascara for only $4.19 (It was on like.. a huge sale at Target), and it was definitely worth the money I paid for.