The cosmetics industry is really complicated. You can't really generalise about the formulations, without understanding the values of the individual owners.
Cosmetics are made up of product, packaging and marketing. If you go for a department store brand, you have to pay for the consultants. You also have to pay for expensive packaging. In cheap brands, the packaging can still be a very significant proportion of the overall cost.
The best products come from companies with large research teams, who manufacture their products in-house. They will have as one of their corporate values the concept of 'added value' products. A good company will also make sure that their products are safe.
Each individual consumer will have her own set of needs. The most important consumer need is colour, with coverage, application/playtime also important. If you find a cheap brand that goes on well and is the right colour, who is to tell you that you are wrong?
After that, it is making sure that the product looks the same as its colour, and that it will be stable (eg the emulsion doesn't separate - which is hard to achieve with good researchers). I'm very wary of opaque packaging which 'hides' the product.
Coated and micronised pigments are found in good products but I don't think you can tell from looking at the ingredient list.