I noticed that this jacket is water-resistant, not waterproof, yet it is recommended for snowboarding.

Does anyone have any experience with water-resistant jackets like this? If so, will it in fact be a good jacket for snowboarding?

From the product specifications, it looks like this jacket fulfills all your needs. The jacket has synthetic insulation so it should be warm for those cold Midwestern days (I lived in Minnesota for 5 years so I know how it gets!). The softshell exterior, with a durable water-repellent finish, will protect you from the worst snowfalls and moderately wet conditions. The included powder skirt will seal out any snow that might otherwise creep up the jacket if you take a spill. This jacket should be fine if you're looking for something that's warm and insulated, and will protect you from snowy conditions. I've skied, snowshoed, and hiked through Montana, Minnesota, and Colorado, and a softshell jacket has always provided me with plenty of weather protection. As a long-time Backcountry customer and fan, I can also tell you that their no-questions-asked, infinite return policy is second to none. If you get the jacket and you realize you hate it, whether ten minutes from when you open the box, or ten months, they will take it back for a full refund, no questions asked.

Thanks for the prompt response, Ben. I live in Chicago, so this jacket will be worn on snowy days and while snowboarding groomers, either here in the Midwest, out in Colorado or in the Canadian Rockies. I need this jacket to withstand snowfall (not necessarily wet snowfall) and the occasional wipeout while snowboarding. Can it handle the aforementioned conditions?

Depends on your conditions. If you live somewhere like Colorado, Utah, or Montana, where it's snowy as heck but very cold and dry, then a water resistant softshell like this is probably going to be plenty of protection. If you live somewhere like the PacNW, with warmer and wetter winters, or where conditions of mixed snow/rain are fairly common, you might want to get a fully waterproof shell. The other thing to keep in mind is that if you do a lot of aerobic work in your jacket (backcountry skiing, climbing, hiking, etc.) a softshell is generally going to breathe better. If you mostly ride lifts and frontcountry, that's probably not a consideration for you.