If I had the choice I'd choose a twist up lip liner any day. It never needs sharpening, so I don't need to dig through my makeup bag to find it. It's just more convenient. The only flaw is that you can't get a super fine point as you would with a freshly sharpened pencil.
The color goes on smoothly, and the pigmentation is solid. Because this lip liner feels a little drying (as most do to increase staying power), I prefer to pair it with lip balm for hydration and so I can blend it better. Without lip balm the staying power seems to be moderate. Some will come off if you accidentally brush against it or drink from a cup, and when paired with lipstick it tends to feather in the corners a bit after a few hours. Nothing dramatic, but more noticeable with a dark liner on my pale skin.
This liner is unscented, and the pencil is small and slender, so it's easy to carry around with you if you choose to reapply.