I've never seen anything like this, except maybe Endora in the old 60s television show Bewitched. It was meant to look odd and magical way back then.

Is this meant to be face paint? Eye shadow?

Creme Liners in real life are creme liners. I'm not sure what you're asking? It's a kind of eyeliner.

etc.

It isn't the same as liquid liner which are these +colors, it's a different uh, composition? Perhaps someone else who is more into makeup can expand on this.

http://www.maccosmetics.com/product/shaded/151/317/Products/Eyes/Liner/Creme-Liner/index.tmpl blah

It's just eyeliner with differently colored shadow made into one item. XD

the link you gave me says creme liner is an advanced version of creme liner. :)

if you happened to see someone on say Rodeo Drive in Beverly Hills, with creme liner on, would you also expect fancy multicolor shadowing like has shown?

I think the website was referring to it's own product in particular. If you simply google "creme liner" you can see more examples, probably.