The PreCip Jacket is good at what it does. It will keep you dry and the inner coating actually does a decent job of keeping things from getting clammy. The pitzips and mesh pockets do an okay job of letting fresh air in without too much rain, and the pockets are accessible while wearing a pack.
The PreCip sets the standards for $100 rain protection but it has its limitations. You won't easily find a better $100 jacket but if you really use it a ton you probably won't get more than 2 seasons of heavy use out of it. $100 buys you a jacket that relies on a coating, rather than a membrain, for weather protection. Once that coating wears off it's up to you to re-coat it, but spray on and wash in coatings are never as good as factory coatings that are chemically bonded to the shell. If you only have $100 to spend buy the PreCip. If you have $50 more and want to get a little more use out of a jacket get one that uses a membrain. Everyone makes one and they're just as light.