I love lippy.  I really think its the finishing touch to a made-up face, but as I'm sure all you girls know, lippy can be a terror in terms of wear time!  I try and prep my lips with lipbalm, and if I have time do the apply, blot, apply routine to extend the wear, but meh I'm not convinced at how well it works.  So I picked up Lipcote.  My memory of lipcote is OUCH it stung.  
This new formula, however, is not stingy, so that's a plus!  It does extend wear time, so another plus!  BUT I have a habit of smooshing my lips together, and herein lies the lipcote problem.  It pills!  You know what I mean, like when you put too much moisturiser on and rub it and get bits of rubberised moisturiser on your hand.  It does that!  Kind of reminds me of when you were  little and put PVA glue on your hand and it flaked off.  Anyways, basically, this is never going to be a product that works for me, because I like smooshing my lips!  HOWEVER if you don't smoosh your lips, I think this is a fabulous product!
Hope that helps!
Love A.x