L'Oreal's latest foundation, Nude Magique Cushion Foundation, is currently $17.95 @ Target (RRP $29.95).
This has rave reviews, and is a dupe of Lancome's Miracle Cushion Liquid Cushion (L'Oreal's sister company).
Cushion foundations are liquid foundations steeped onto an attached sponge that's housed in a compact, and they provide sheer coverage initially which can be built up to a heavier coverage.