Good entry level shell
I picked up my Precip from a local retailer to layer over my OR Virtuoso down jacket in the winter and wear as a wind/water barrier when sailing in the spring/summer/fall. I was extremely excited about the jacket in the beginning but over time, this jacket has fallen short of my expectations. In heavy rain it wets out. It's basically useless as a rain jacket if it REALLY raining. When I come in from a day on the slopes, it's soaked on the inside because it doesn't breath at all. When I'm sweating that hard, I have the core vents all the way open and it still can't keep up. I'm currently looking at upgrading to a Gore Pro or eVent shell. That will cost 3-4 times as much as my Precip though.
In the end, I think it is a great option for someone looking for a cheap, entry-level, versatile shell on a budget. If all of those do not apply to you, look for something else.