My understanding is that the O2 Rainsuit is like the DriDucks, but without the durability issues.
I have not seen the Driducks in person, but the way that you describe it, I think they are very similar.
The O2 Rainsuit does have a paper like feel to it and has a uniformly speckled texture/pattern to it.
Very light, but does not seem like it would tear easily.
Workmanship seems well enough without any sloppy, loose threads hanging off of it.
Jeremy used it on our Mt. Diablo trip last year and it rained on us for a few hours and he stayed dry and did not have any issues with it tearing.
Definitely would not take it bush wacking off trail.