This is an absolute beast of a jacket. Thickest material arcteryx offers and while gore pro won't breathe as well as event it is a mighty step up for someone like me who had been using a 10 year old classic 2 layer north face mountain light jacket which had characteristics of a trash bag. Very durable as well, rubbing against brush doesnt even leave a mark or anything of the sort.

Pros: almost everything, the fit is spot on. Well cut with a bit of extra room in the shoulders tapered down to the waist, 2 drawstrings (not one like some jackets have) across the waist and bottom of the jacket. back is a bit longer to cover the butt if you so desire but not too long. BIG BIG pit zips. 2 chest pockets and 2 littler chest pockets for a compass or something small. Hood has 4 adjustment points...not 3 but 4. there is the traditional horizontal volume adjuster in the back but also a vertical volume adjuster in the back.

Cons: Let me preface this by saying i am nitpicking every little thing I can think of.
1. no 2 way zipper. This may deter some buyers, i had it on my old jacket and honestly it was more of a novelty than anything else. I guess some climbers may not like it but the jacket should work fine under a harness.
2. cost - as always arcteryx is over the top here. However, this theta sv is still MADE IN CANADA not china like the theta ar and has a better cut for backpacking than the alpha models. The price here on sale (30% off) is pretty good but still high. But if you order from departmentofgoods .com (used to backcountryoutlet - same owners, same stock) you can get an additional 12% off the current price bringing down the cost to 335. That is pretty fair for a canadian shell. Other good shells that are available at this price include the marmot exum and or mentor - both bombproof pro shells from excellent companies that will no doubt serve as well as this jacket but both are made overseas.
3. Weight - a little heavy but not for the durability and use of this shell. Compared to an ultra light Integral designs rain jacket or thru hiker with event it is heavy. But the few extra ounces give more durability and a jacket better suited for very harsh conditions vs. a rain jacket for folks who leave it in the pack 99% of the time. The ID thru hiker is an excellent option however for a light weight rain jacket, ID was just purchased by Rab so hopefully the upcoming shutdown of the Canadian factory and move to colorado will not include a move of manufacturing overseas. The marmot exum is a bit lighter as well but uses a thinner fabric.

Well thats all I could nitpick this jacket, its a beast. Well constructed.

I am primarily a backpacker but was looking for a jack of all trades winter jacket which would work well around town as well during snowy and/or cold days without breaking the bank. I already have a hardshell which i would throw over for extremely inclement weather so the windbreaker type fabric would be fine.

When I received it I realized it was warm. Very warm, the insulation differs in the arms, hood, and sleeves. The windbreaker material works 100% in stopping wind, I realized its marketed by gore as windstopper laminate. The jacket is a bit heavy considering its synthetic but not that heavy and packs down to an acceptable size for winter backpacking - the primaloft sport was tested by BPL to have a rating of .78, primaloft one ~.90 and 550 fill down at .55 - higher is better. Granted extremely high quality down of 850+ is 1.68 which makes it the lightest and most compressible requiring less loft to acheive warmth but with this sythenthetic you can get it wet and it still works to a degree and dries relatively quickly.

The sizing, it is sized a bit larger than normal for layering. The sleeves fit perfect and the hood is big but shrinks down very well with the pull cords. WIth the HIGH collar it really really helps in cold windy conditions. The body is larger, perhaps a bit more than i had hoped - i would ding it .5 star if i could - but acceptable since this is a jacket i will throw on when i reach my campsite over my hiking inner layers.

As a belay jacket it is not designed to be used while hiking and getting sweaty (except in emergency situations) - so no pit zips are fine. I am very pleased with the warmth to weight ratio, sure it could be a hair slimmer and maybe use primaloft one which is a little warmer for the same loft but it was a great purchase at $120 on SAC.