Finally got my hands on this at Ulta. (It's not available in stores at Sephora yet.)
It's an airy, mousse sort of texture, and comes out of a pump bottle. The box says to squirt it on the back of your hand and apply from the center outward, and layer as needed for coverage.
I applied somewhere between 1-2 layers. (I tend to apply foundation in spots, and blend circularly, so while I only meant to go over my entire face once in total, sometimes the blending circles overlap. If that makes any sense.) The coverage is medium-ish - it was a little bit above sheer with the first application, and with the subsequent blending and a little bit more adding, it became more medium. The redness in my cheeks was lessened quite a bit, but I could still make out the natural texture of my skin. (Man, it's DISGUSTING when you can see layers of foundation on someone, whether it's greasy liquid foundation, or the "I'm covered in layers of dust" effect from powder foundation.) I specifically went back over my undereye area to layer a little more (it's supposed to conceal, right?) and found it quite to my liking - it improved the darkness, but again, I didn't look weird and unnatural. I'm sure it wouldn't take too much to create full coverage. (I did one full pump on the back of my hand, but didn't really use all of it.) My hands got greasy when I tried to wash them, and I had to use soap.
The finish is matte, but not too powdery. (Obviously, it's not a full-on powder, so how powdery could it get?) I definitely don't look gross. I still think that my MAC SFN looks more natural, but then again, I am careful to wear much less of it. My pores look decently smaller than usual, my skin feels soft - it doesn't feel like I'm wearing makeup.
All in all, I might buy this again. I like it enough to get rid of my Revlon Photo Ready. (Any takers? See my swap page above.) I'll have to see how this looks by the end of the day (I've only been wearing it for, like, two hours?). So far, my first impression is that it looks good and feels great. My only complaint is that it has no SPF.