It consists of various B-sides, rarities and cover versions and reached number 11 on the UK Album Chart.

Initial copies came in a gatefold sleeve with a basic inlay; further inserts could be downloaded and printed off from the band's official website.

Sputnikmusic stated that: "But still, if you are willing to go and wade through a B-Side history of the Manic's- which I doubt many do- there's a genuine albums worth of classics to be found, with the second disc a redundant retread of covers that could have been used to make the collection more expansive and valuable.

Pitchfork also reviewed the album with a 6.3/10, and said that: "Manic Street Preachers never conquered the world like they wanted to, but it's been a good enough ride that I don't begrudge them for trying, and this compilation, flawed though it is, is sure to please those who'd always hoped they would succeed.

The only recurring criticism of Lipstick Traces was the exclusion of the infamous fan favourite "Patrick Bateman" from the "La Tristesse Durera (Scream to a Sigh)" single.