The balm glides on smoothly and initially really feels like a moisturizing balm - the texture is so smooth and nice. I did experience some slight drying throughout the day, and needed to reapply, but it was nothing serious. It's not waxy at all, though, and I actually really liked it. And it smells like strawberries when you put it on. (Don't smell the tube itself, though...the product has a kind of plastic-y smell that isn't detectable when you apply; application is flooded with cheery strawberry scents!) The site says that it is sposed to smell like melon, but I definitely get strawberry. Maybe my olfactory system is on vacation. Or broken. I don't know.
The big surprise? This thing packs some serious color. Also, I'm convinced that the color deepens after a few minutes - reacting with my body chemistry, perhaps? The peach is kind of a shocking coral-red, really, and the problem I have with lip balm-stain type things, is that the color definitely intensifies with reapplication. So if you need to reapply for the moisturizing effect, your color is going to go through the roof. This kind of bothers me, since I'm really not bold enough to rock an intense lip color. I may pick up the colorless one on another Sephora purchase, since I do like the texture of it. And it gives my lips a nice sheen, without needless shimmer or glimmer.
It's a lot darker in person...and a lot darker on lips. This is taken in natural (sparse) light.
My major gripe with the product is the packaging. The tube itself is plastic and doesn't have any sort of comforting heft to it. I also feel like the cover doesn't have a satisfying enough click when it closes. And the biggest annoyance: the product itself comes in one flat column which raises and lowers like your basic lipstick; the problem is, it doesn't really feel anchored into the tube, so it shifts about when you apply it, smearing onto the side of the tube. See?
Very annoying. If you can live with that, though, this is a pretty good buy; the price is okay for the product, it's nicely pigmented, and it's not overly drying.