Steel Blue (11V) is a muted, medium blue with subtle, cool undertones and a matte finish. It had medium color coverage that was buildable to mostly opaque coverage with a second layer. The texture was finely-milled, smooth, and almost velvety, but the Creamy Matte formula is superior to this one because this shade had a tendency to sheer out and had some fallout during application. I'd recommend using a lighter hand to minimize fallout (as well as excess kicked up in the pan). It lasted well for eight hours on me before I noticed slight fading.
The newer version seemed a bit darker and less cool-toned, and while it had a more finely-milled, silkier feel to the touch, there was still a similar level of powderiness and a tendency to sheer out. The newer version was still quite a bit better than the one I had previously (which was rated an F).
FURTHER READING: Formula Overview, which is a detailed review of the range as a whole.