The Eraser Dark Circles is supposed to replace the Maybelline Age Rewind Double Face Protector (now discontinued) which had two sides a highlight and concealer (now you have to buy two products). As you can tell from the swatch above in my comparison, the Maybelline Eraser looks much drier than the other two, this is straight out of the tube, no blending or anything. I prefer a more hydrating undereye concealer.
I think the coverage of this product is light-medium, if you have extreme dark circles, the packaging suggests to apply the neutralizer shade underneath the concealer shade. If I manage to find this on sale again I might pick up the neutralizer and give that a go in conjunction with this. There is a foundation in this range too, but I think I will pass. The Eraser concealer is an okay product, would work pretty well for those with minor-moderate dark circles, if you have super dark circles this will not do much besides brightening. I do like this product, but my go-to concealer is still Bobbi Brown's corrector and concealer, it feels creamy, moisturizing and cancels much better.
Have you tried Maybelline's Eraser concealer?