There are only two shades, so this is a short post.
01 White Pink is a pale beige that has some pink in it. A pale, cool-toned beige. A concealer shade, really.
02 Nude Beige is a tan beige, also with pink. Also a concealer shade.
As far as I can tell, the main benefit of using a specialized Lip Concealer over a typical concealer meant for face is the taste. These don't have any taste, whereas using a real concealer would taste really nasty. Although these are lip concealers, I'm sure there will be those who are game enough to use them as actual lip colours.