I purchased 3 waterproof eyeliners to test before a beach trip: MUFE Aqua Eyes, Urban Decay 24/7, and Sephora brand. I much preferred the Make up Forever pencil to the other two.
I don't wear a lot of eye makeup (no shadow) but I have to tightline my upper and lower lashes or I look bald. So what I'm going for with eyeliner is a somewhat natural and unobtrusive look. The MUFE pencil gave me a crisp, thin, natural line. (For more artistic people, the UD 24/7 is probably good, but it was too creamy, thick, pigmented for me and resulted in kind of a slutty teen look. The Sephora pencil was no better or more waterproof than drugstore liner.)
I found the MUFE pencil to have good pigment, crisp line, and to be really and truly waterproof. This is my new HG.