Nude waterline, lip liner to make sure that red lip doesn't bleed and concealer. In one pencil.
To be honest, I don't use it as a concealer, but mostly as a lip liner, I find if I overline with this, and then blend into my foundation, my red lipsticks feather less throughout the day. Its also great if travelling because it takes up less space in the makeup bag and no chance of smashing the little MAC glass bottles. Wouldn't recommend it for the under eye area, but much smaller areas are its forte.
Not the creamiest formula, but is very affordable and lasts well on the waterline and inner corner of the eye for a brightening, wide-awake effect. You have to go over it a couple of times for maximum opacity.