I bought this in the mid-1990's while looking for an eyeliner that would last past lunch and didn't look too "made up". It fit the bill nicely.
This is a twist-up pencil in a sturdy hard plastic case. The eyeliner inside is a hard waxy texture that packs a decent amount of pigment. It tugs a little when applying to the eyes but once it's there it stays put pretty well. Honestly, the texture reminds me more of a waxy eyebrow pencil than an eyeliner. Age one of Benefit's Instant Brow pencils 15 years and it would probably feel like this. I'll have to try it on my brows!
The tip isn't too thin or thick, and it doesn't come with a sharpener so if you want a thin line you'll have to rub down the sides to get a nice point, wasting product as you go. Still, the color's a nice neutral taupe and it works as advertised.