Dawnstone goes on so smooth and dries to a really clean matte finish that doesn't look chalky at all. I've been using it to build up edge highlights on my Space Marines and the layers blend nicely without streaking.
Thinned it down a touch and it layers beautifully over grey, no chalky buildup at all. The matt finish is exactly what I wanted for armor highlights. 12ml isn't huge but a little goes a long way.
Went on smoother than the base coat I usually use and dried to a nice flat matt, no chalkiness. Two thin layers gave me clean edge highlights on my Space Marines without clogging the detail.