One cold, dry, winter night, I found my lips in desperate need of moisture, so I took the change out of the bottom of my purse, and purchased the cheapest lip balm I could find that seemed like it would work.
It didn't.
I'm sure it moisturized my lips at least a little, but the uncomfortable stinging/tingling sensation it left behind made me crave the Chapstick I'd left at home. I would not recommend this for just chapped lips, no matter how badly they're cracking.
I can not comment on the effectiveness for cold sores, as that was not why I bought it.

Everyone but me seems to love this product. I bought it on a friend's advice, but found it didn't have the desired effect. It often left me with a scummy layer on my lips that was a visible white colour, leaving me embarrassed when I noticed in the mirror. I found the taste hard to take and also hate the burning/tingling sensation.

Sorry Carmex, count me out.

It works amazingly well, a must have on hand product!

This is one of the best lip balms there is. In the winter time it heals dry chapped lips and helps to prevent more chapping. It almost feels a bit medicinal.

This is by far the best lip balm. I don't use it daily, but about once a week to restore moisture in my lips and heal and cracks. I put it on at night and can still feel it on my lips in the morning. Very strong and powerful.