Well, I was trying out the Cargo blue_ray line at Sephora the other day, and happened upon their blu_ray Concealer in #1. Wow. This stuff works great! I immediately bought it and am so happy I did. It has light-diffusing pigments to help with dark circles, doesn't settle into fine lines, and is water resistant.
I've read in reviews that the coverage is too light, but I think that's just the way it's applied. It comes in a twist up pen, but I apply it with my fingers, and use two layers. Layering is key with this item. Also, I wouldn't use this on blemishes, just the under eye area. I highly recommend this item.