Very soft, shiny, sheer, and slightly off-white with cool undertones. I rarely wear white polishes because my skin is so pale and cool-toned, it tends to look really weird, but this is really quite flattering on my nails. One coat is pretty sheer and wildly glossy, and obvious enough as an actual polish that it doesn't deaden the colour of my nail beds so that my hands look anemic. Two coats is still sheer, but much more opaque than a single coat, so it can be said that this definitely builds up. A third coat gives near opacity. I think this is very well-named, because it does have an almost ethereal quality to it, a softness and translucent quality that many people associate with the moon and moonlight. Might make nice tips for an American manicure (not stark enough for a French), and it will make good undies for various glitters and special effects top coats when I want a really soft, translucent white base. It would also work very well for a "glitter sandwich" style manicure, because it is pretty sheer. If you're into white polishes, this would make a nice manicure on its own, subdued but definitely present, depending on how many coats you used. So, all around a very nice, versatile polish with lots of possibilities.