With this particular jacket it seems as though Peak Performance is trying to hit that moving target of the premium quality seen in Patagonia or Mountain Hardwear, but with the aesthetic quality of Moncler or Aether. Regretfully with this particular design you get a compromise on both.
I was excited to see the blend of synthetic and natural down insulation, as this does add improved resistance if the insulation happens to get wet. It also explains the slightly heavy weight for this jacket, as synthetic insulation does tend to weigh a bit more. The shorter length is also decent, as it does allow for easier layering under a hardshell while wearing a bib style pant.
So why one stars? It all comes down the price point. At $3-400 this jacket would easily garner five stars. However at this price point I expect a fully watertight jacket, with seam taping, highly breathable materials, and full down insulation to increase warmth while reducing weight. If the jacket were waterproof it would not need to have a blend of synthetic down mixed in. You can easily find a down insulated jacket (800 fill rating or higher) in the closer to 1 - 1.5 lb mark, and fully waterproof, from Peak Performances competitors.
TL;DR $3-400 features in an $700 jacket.