Great for fair skin tones.
I really like this because I have pretty light skin. Don't use this unless you have really fair skin. This is actually too light for me even but most foundations are too dark for my skin so I use this with them so my skin doesn't look super orange.
Flakey and Too Light
This powder is not a great one whatsoever! I used it on top of the Revlon Photoready Airbrush Foundation and it left my face feeling heavy and lighter than before. I have an olive/neutral skin tone and definitely was not pleased with this. After awhile even if you're wearing it as a setting powder for nothing more than your concealer, it does start to look flakey and kinda dries your skin out. This powder is also not a good one for those with darker skin. Will not be purchasing this again.
It's ok, but not for me.
See my full review here: http://phyrra.net/2010/12/revlon-photoready-translucent-finisher-a-review.html
I don't think this is a universal shade as it will make darker skintones look ashey. It is probably good as a highlighter because of the subtle shimmer. It does ok at eliminating shine. It didn't seem to blur imperfections on my skin.