Pros: Great Pigmentation, Good Texture, Wide Variety of Colors
Cons: Some Finishes are Better Than Others
I have been collecting MAC eyeshadows for three years, starting with my first purchase of Plum Dressing. Ever since I have gained a modest collection of about 30 of these eyeshadows. I have gone from collecting these in their traditional pots to buying them in pans and sticking them in 15 Palettes and Quads.
I love the pigmentation and payoff of the majority of these eyeshadows, but be warned that not every eyeshadow is great. This is a "try before you buy" sort of product, I would recommend swatching them in-store before purchasing since the price is a bit steep (or checking out the awesome swatch threads here on Specktra), especially if you get them in pot form. There are some finishes that you can trust more than others though.
Favorite Finishes: Veluxe Pearl, Frost, Satin
Least Favorite Finishes: Lustre, Matte
These are just my personal favorites and least favorites, they do vary from person to person. I will say that most everyone loves the Veluxe Pearl finish though. ;)
A note on the side, sometimes LE colors are very similar to ones in the permanent line, always be sure to compare similar colors (often done in the swatch threads) to make sure that you don't have a similar color or if you are on a budget, that you can put off buying it because there is something close in the permanent line.
Overall this is a good product. It is easy to use and easy to store, but I do recommend doing some research on a color before you buy it because these can sometimes be misses. I do love MAC eyeshadows though and I plan on buying many more in the future!