Ok, first out-of-box impressions. It's very light, very thin fabric, kind of slippery and seems pretty durable. The fit is clearly intended to allow for layering underneath, it's a little baggy compared to the other Stoic Ms I have. It beads water like a brand-new raincoat should (see photo). Other stuff:
The sleeves are really long. I'm 5'9" and medium Stoic gear has always fit me well, even though my wingspan is about 6'2". These sleeves might even be too long, but mobility is good.
Seams are not welded. I can say that the water beads off them just as well. Presumably they won't last as long though.
The hood is huge, which would be awesome in the rain, where I have not yet taken it. I did stand in the shower with it (on cold) and didn't get any notable condensation, and I rode my bike six or seven miles in 50-degree weather and didn't get swampy. These are not strenuous tests, I'll grant you, but it handled them just fine.
The length is shorter than my current jacket (the backcountry.com Stoic 2.0 shell), but still past my pants pockets.
I don't especially like the lack of pockets, I'll be honest. I don't know why they're left out (maybe a feature of the material like Ben Wheeler was talking about), but it's annoying.
Packs down to about the size of a Nalgene when carefully folded and rolled. Very portable.
Also don't judge the color by my photo, the lighting's weird. That's the navy, but the photo on this page is true to color. Go by that.
Bottom line (with the caveat that I haven't field tested it): Seems like a good jacket. It's relatively cheap and from what I can tell, does the job well. Not mind-blowing, though, hence the 4-star "pretty good."