It is a very similar layer of ptfe like event or gore, the NF series is just spectra laminated with ptfe on one side, and the non-NF series has ptfe on both sides of the spectra core. I don't believe it's coated, breathability seems quite good.
I was given some MVTR and HH numbers, they didn't look like the ones eVent and Gore use, but I have no idea what testing model they used, and I'm guessing they haven't learned to fabricate insane lab-world numbers yet.
Who knows, seems very good to me so far, but I've only had a chance to use it in weather where all of them perform decently. We'll see how it holds up as spring rolls around.