Take the Liquid Cyber Lip ($27). It has a daring metallic sheen and supposedly uses microsphere technology to "provide light coverage". Getting a closer look at Cyber Lip reveals a batch of common lipstick ingredients, some of which are irritants.
Lipstick manufacturing is notorious for borrowing things that typically have a very different purpose. There is polybutene, which because it is a tacky resin, turns up as squirril deterant (they don't like the feel of it on their paws). Polyethylene terephthalate is most commonly used as packaging for food (the sleeves inside a box of cereal, for example). There are also a couple of irritants: bismuth oxychloride, which can cause cystic acne; and isocetyl stearate, found to be irritating (although not severly) to rabbit skin at cosmetic concentrations.