Yeah, there's a limit, like Ryan's unibrow example.
I thought Johnny Depp looked hot in POTC, but I'm really not into guys who like makeup (it'd be like dating myself or something, maybe). And some guys can pull it off, others look really bad.
But like I said, I think men don't do it because it denotes vanity. And since I'm not used to men in make-up, I'm not into that.