I picked up one of these for 40$ on clearance. That said for the price its a pretty good little jacket.
The fabric is good and the stitching etc. is all of great quality as I have come to expect from Mountain Hardwear.
After an extended period of time (over 1.5 hours) in heavy rain I did notice some wetting out of the fabric but only in the shoulders. This occurred faster when I had had something like a strap from a pack on the shoulder.
The breathability was decent, however with just a t-shirt on the interior did get somewhat clammy. The inside of the sleeve would then stick to my arms occasionally.
My biggest compliant is that after only a couple of months the interior of the jacket near the arm pits has become discolored. My jacket is green and the interior is white with the nut from the mountain hardwear logo printed all over it. Now that area is a nasty faded green color. I haven't contacted Mountain Hardwear yet, but I'm hoping they'll replace is as it seems that the interior Conduit Silk coating/laminate is wearing away in those areas as well.
Still if you can find it at a good price I would say you could do worse. But don't expect it to keep you as dry as say Neoshell, PacLite, event, DryQ Elite, etc.