I recently rain out of my MAC undereye concealer. And while it covered pretty well, I always felt like it was a bit cakey and didn't cover very evenly.
So, while I have been researching new undereye concealers, I have resorted to using my MAC foundation (which I never use anyway) as undereye concealer and it has been working like a charm!
I use my undereye brush, dip into my foundation and lightly dab it under my eyes. It's generally lighter so I need to do two layers however this is why I like it so well.
By using something lighter, it goes on much smoother and by doing two layers rather than one thick one, I am able to apply more evenly giving a much more natural look.
The added benefit? You get a lot more product for you money. A bottle of foundation used as undereye concealer will last far longer than any undereye concealer.
Give it a shot, I think you'll be pleasantly surprised. I was.