"It's just glorified vaseline with some lanolin and beeswax," detractors say.
Yes. Yes it is. But petrolatum, lanolin and beeswax are the best ingredients for lip balm bar none, and I don't mind paying $7 for a cute little gold tin of them that I can keep handy in my purse. Considering how long one tin lasts (1.5 years with daily use for me) I don't think that's a bad deal at all. Other lip balms wear off quickly, need frequent reapplication and can actually dry lips out over time, but this genuinely moisturizes, and seals the moisture in until you wipe it off.
I've tried all three popular Smith's balms and this is how I rank them against each other:
1. Strawberry: unnoticeable color, tolerable scent, best/firmest texture, best formula by a mile
2. Original/Rosebud: unnoticeable color, worst scent, runny texture, mediocre formula that really is just glorified vaseline
3. Minted rose: good color BUT bad scent, runny texture and worst formula
If Smith's would tone down the fake strawberry scent (which gives me real "I'm 14, it's 2003, and the whole squad just finished trying sample lotions at the Body Shop" vibes) this would be an absolutely perfect lip balm. That said, mostly perfect is good enough for me and I will probably end up buying this until I die.