Just received my jacket on Thursday, just in time for a big rain storm.
PROS: Yes, it's waterproof. I ordered the Loganberry Red and it's such a nice color. It's more pink than red. Super lightweight, yet warm. Works well as a wind breaker too. "Duckbill" hood stays on with ponytail and all the straps/velcro help to make the jacket even more fitted and comfy. The shape of the jacket is flattering. I ordered a Medium, I'm 5'6 and a size 8 in jeans and it fits perfect with room to wear a sweatshirt underneath.
CONS: The only con I have is the length could be a little longer but it still works well. Others have complained about the noise and the material feeling cheap. However, this is what makes it such a great lightweight, waterproof jacket.