I read somewhere once about a study that looked at skin damage and it showed that women who wore full makeup (that is, foundation, etc) had LESS skin damage over time than even women who wore just sunscreen. So I suppose if it doesn't run off and bother you, it's probably not bad. I wouldn't want all that on my skin when I was riding though!

I just wear a moisturizer with sunscreen in it every day. I think I wear makeup about 2X a year. On "big sun" days I also put additional sunscreen over my moisturizer (even though I know that once you're beyond SPF 15 it doesn't make a hoot of difference if you don't REAPPLY, which I'm not very good at doing).