All three of these fall under the umbrella of pigments and while very much alike in some aspects, they're totally different in others. For the most part all of these are similar in that they all can be used to get certain effects in soft plastic. Pearls and Hi Lites go into the plastic itself. The color shifting pigment gets applied to the surface.
Pearls are well-known with the soft plastic makers. Pearls get mixed with colored plastic to opaque it and give it the clam shell sort of luster that goes all the way thru the plastic which many people like. How much pearl pigment is used in a specific batch will determine how well its going to affect the outcome of the final bait. Pearls can come in colors and will have coloring agents in them that will color or change the color of colored plastics.
Hi Lite is pearl's first cousin and is very similar to pearl. Hi Lite has very little added to it and certainly not any coloring agent. Hi Lite in the bottle will look like white or near white pearl powder but with just a glimmer of the powder's color designation. Hi Lite, when used in small amounts in clear or colored plastic, renders more of a surface sheen while allowing the transparency of the plastic to remain. Hi Lite powder is much finer than pearl powder and tends to reflect much more light than most pearl products. Hi Lite, when used in heavy doses, will create a pearling effect similar to that of pearl powder.
Color Shifting pigments [CSP] are a whole new breed. Not a true pearl or a hi lite which offers a specific color, these will shift from one to another color or from one color to as many as four or five other colors simply by moving whatever its applied to thru varying angles of light. As mentioned, CSP get applied strictly to surfaces unless the product specifies it to be mixed into a color. There are many considerations to look at when one is thinking about using these wonderful pigments. First, these pigments most often will require a black base color or one that is very dark. This can limit how its going to be used. CSP comes in large particle and small particle sizes with the large particle product being the most challenging to apply smoothly. Next comes white particle or dark particle CSP. The white particle has no color pigments or dyes added and can in fact be used over white base coats with some limited success. The dark particle products are heavily color pigmented. Some of the dark particle products look ugly bad in the bag but deliver mind boggling effects on a bait. Next is availability and cost. CSP are available on-line at automotive paint and fingernail polish sites where one can order sample packets which are generally about a heaping teaspoonful of pigment for $6.00 to $12.00-$15.00 dollars. Personally I use much more fine particle CSP and favor light particle for a reason. These are easier to brush apply and they can be mixed with powder paint or airbrush acrylic in a snap.
Now comes the challenging part. Lets leave pearl powder used in making soft plastics off this discussion now.
Hi Lite has always been viewed as a soft plastic item. However, added to powder paint it can add some really unique spins on the paint colors. Hi Lite will work in any paint color. By adding hi lite to clear and using it as a top coat over color it becomes an interference color, one that pops up in good light to over-shadow the color underneath it. Gold on orange, blue on hot pink or purple or black. Green on brown is unique. Mixed in acrylic and thinned with reducer well, Hi Lite can be sprayed on soft plastics or hard baits in a blink to get some pretty cool effects that would be missed or try dry brushing Hi Lite over a darker colored bait, soft or hard plastic. Just be aware that Hi Lite used as a surface agent by brushing or acrylic will need to be top coated: clear soft plastic on soft plastic or a clear acrylic or CS Seal Coat on hard baits. In both powder and acrylic colors, Hi Lite will make a common opaque colors absolutely come to life when used as an accent....blue/hot pink, orange/gold.
Now to the CSP. I'll use only reference to the small particle product here as its what I use 90% of the time. As mentioned early in regard to CSP, black is the best base so I'll stick to black in all mention here. CSP can be applied using a brush and dry pigment over any hard or soft surface having a black or very dark under-color as long as it gets sealed either with plastic or CS Seal Coat. It can be applied when mixed with clear powder paint for jig/lead lure applications . As a guide for powder coat, about 1/2 tsp pigment per 1 heaping tbsp. or clear powder coat. [I'll note here that the same ratio works with Hi Lite powder.] Mixed into clear acrylic and sprayed on soft plastics or hard baits with an air brush using several very light coats the end result is uncanny. Thinning the clear acrylic with the pigment added to the consistency of water is almost a must in most airbrushes and while top coat carries the pigment hard baits will require the additional Seal Coat after the eyes are fixed. The light particle products are a snap to work with but the appearance of the dark particle products may put people off a bit, but be assured that when blended in the clear powder coat or clear acrylic and thinned properly it gets better.
The reality of these pigments mentioned here is that while they are marketed for one use, they have a whole other world of uses. Each has its place. Until one has tried Hi Lite and clear as an interference color, you haven't really tried hi lite to its full potential. Then to the CSP....these make some mind blowing nice baits. I just recently started using the CSP on certain soft baits that lend themselves to a full-body cover dip. Actually the embossing on some baits will stand out far better with a coat of CSP on it then sealed with clear plastic so losing detail to a cover dip becomes a non-issue. When stepping into the world of CSP one needs to take time to fully read the product description and know what particle size they are considering and what particle color [lt vs dk] they are getting. Study any color plates offered and be sure to watch any video offered per color. The videos will give you a very clear picture of what the component you're considering will actually do.
My focus here has been on Hi Lite and CSP simply because they carry the most potential for doing things they aren't really sold for. Hi Lite is by far the easiest to start with but it also is a great foundation for moving forward to the CSP products, especially is air brushing is in your future or you already use an air brush. Regardless, most everyone has Hi Lites. Think about how you may be able to twist up some interesting jigs or really juice up a soft bait 's surface just using a simple brush. As its sold, Hi Lite is only about 1/10 used to its fullest. Crossing the line to the CSP is like stepping up from a MoPed to a Harley.
I know I've missed some information in this so if questions come about, feel free to address them here.