I did a long backpacking trip on the Northwest coastline through Washington with this hat. Needless to say, it rains a lot up there and I wore this hat quite a bit.
I would deem this material water "resistant". After about 20 minutes of rain, my hair was wet and the top layer of fabric had soaked up a decent amount of water. Let it be known, this is NOT as powerful as a Gore Tex brand or something similar.
I guess in the end, it did dry fast but the whole purpose was to keep my head dry. I probably wouldn't buy again unless I found something that had a better membrane.