According to Sephora:
This waterproof, long-wearing eye pencil provides bold color that won't smudge or budge for up to eight hours. The creamy, easy-to-apply formula contains Vitamin E and Jojoba Oil to moisturize and protect. The cap houses a unique built-in sharpener—so you'll always have the most precise application.
What it is formulated WITHOUT:
Pros - long lasting, rich color payoff, creamy and smudgable but stays put after setting, easy to apply (I don't have to tug on my skin), stays on waterline nicely, a pencil will last you a long time.
Cons - expensive (approx. $19), might be hard to find if you don't have a Sephora or an Ulta near you (order online!), only five shades to choose from.
Disclaimer: I received this eyeliner as a gift.