Smoke (65V) is a muted, deepened bluish-gray with subtle, cool undertones and a matte finish. The eyeshadow had decent pigmentation that was buildable to full coverage with less than a second layer. The texture was lightly powdery in the pan, but it applied evenly and blended out without too much effort. It lasted well for eight hours before showing signs of fading on my eye.
The newer version was grayer, cooler-toned, and a bit darker. It blended out more readily, lasted longer, and felt silkier, but it had a similar level of powderiness.
FURTHER READING: Formula Overview, which is a detailed review of the range as a whole.