Every so often L'Oreal will showcase a group of colors for each of their spokespeople. (Anyone remember the Aishwarya Beige craze?) Taffeta was Scarlett Johansson's "Nude" color in the Star Secrets collection a couple years ago.
Personally, I think L'Oreal has some of the best drugstore lipsticks. They're generally long lasting without being drying and the shade range is incredible. Yes, they have that typical L'Oreal fragrance, but I don't mind it. :) And since they're usually priced around $5, you can't beat that kind of a deal!
Taffeta is just your basic light, neutral pink. Like I said, it was classified as a "nude," but I think it's more pink than that.
Sorry for the weird angle... didn't realize it until I'd uploaded it and deleted the original. :(