I was fortunate enough to have a chance to use the site a couple of weeks before it went live last Friday. Basically, users upload videos/photographs of makeup looks and/or product swatches and then tag the products used (or alternative products) and categorise the image depending on the type of look. The images then appear under the tagged category types. There is the option to follow users whose images you like and to interact with them in forums discussing hair, makeup and even relationships and there are also sections for product reviews.
My favourite feature is the option to look up products and see the looks that have been created with them. It is great way of getting inspiration for products you may not have used in a while but also to get an idea of you can achieve from products you are considering buying.
I highly recommend signing up and checking it out. The site is unique to other beauty sharing sites I've seen before and it will only get better as more users add to the content.