Starting from the left side, there is a shimmery white shade that is meant to be used as the base and as a highlighter. The highlighter shade is not as pigmented or as velvety to touch as the 3rd shade from the left (just like the white base shades in the Frame Impact palettes). The surface feels a bit harder and not as silky. The 2nd shade from the left is the most shimmery shade in the palette with better colour payoff. The 3rd shade from the left is the most pigmented and has the loveliest texture out of all the shades. It feels extraordinarily silky and soft with a more subtle shimmer. The final shade is a dark cream eyeliner shade. What I love about these palettes is that they are so convenient to use as you have everything you need in one portable palette, including two double-ended applicators. The eyeliner shades have a smooth creamy consistency that is easy to apply and lasts well.
#1 Pink: This is described as soft sweet pink and rose brown. It is the first column from the left in the photos posted below. The pink shade is a soft baby pink while the rose brown is very pretty! If you like rich taupe shades like Shu Uemura's ME945, you will love the rose brown in this palette. The eyeliner shade is a burgundy-tinged black.
#2 Blue: This is described as lavender silver and metallic silver grey. The silvery purple shade is quite pretty, not so pale that it looks white when applied. The silvery grey is a nice gun metal grey that is more flattering on Asian skin tones than a flat black if you're looking to create a smokey eye look. The cream eyeliner shade is a grey-toned black.
#3 Brown: This is described as sunset gold and bronze brown. The sunset gold shade is a very brilliant golden bronze shade that looks like it'll will be great used just about anywhere, in the crease, as a highlighter or lining along the lower eyelid. The brown shade is a pretty warm chocolate brown with more subtle shimmer. The eyeliner shade is a blackened emerald green.
#4 Rose: This is described as jewel rose and elegant blue-based violet purple. The jewel rose shade is more vibrant and a slightly deeper shade of pink than the pink shade in #1. It is also super sparkley like the golden bronze shade in #3. The purple shade is a dark shimmery grape/eggplant that will also be great for a smokey eye. The eyeliner shade is a purple-toned black.
The first two photos below were taken indoors where the shimmer is much more obvious. The third photo was taken near a window under daylight so the eyeshadows appear more muted. The final photo is the tester which includes the new lipstick shades that will be launched but I didn't try these out.
Edited to add these two pics of swatches of the Frame Impact Eyes series (released in Dec 2006) and Layered Impact Eyes series (released in Aug 2006) for ease of comparison :-)