All of the girls were saying that there is no substitute for Cover FX. Waterproof? I know you can't just wash it off - I had to work the wipes for three times longer than normal.
Typically, except in the case of Olay (which must have some fairy of youth working near their lotion vats), you get what you pay for. If you're only out to cover up for a little while though, I wouldn't bother planning to spend over $100 dollars on a very basic kit. I like to use Revlon and Cover Girl as basics.
My current setup is:
Concealer (that I didn't use in my avatar

),
Cover up
Blush (be careful to use sparingly)
Eye shadow (so much eye shadow! I love it)
Eye liner
Lip gloss
Powder that I never use
Mascara that I almost never use
Foundation brush
Makeup removal wipes
Olay complete face lotion for afterward, because removal wipes can leave a gross film that needs to be washed away.