Yes Brett, you might as well be wearing a garbage sack with pit zips. I have never found a UL WP/B jacket that actually breathes. If that is what you are looking for then buy a Gortex XCR jacket and just deal with the extra weight.
That's not to say that I don't own them. I have several. I just don't hike in them. I'll use them when I am not hiking in rather rainy conditions. My goto jacket is the Marmot Essence Anorak. No pit zips, half front zip, with hood and no frills, under 7 oz. One can get away with no pit zips when all you are doing is relaxing, getting water, or just doing a little fishing.
As for hiking in the rain, I just use my poncho tarp. Not breathable but it allows more air circulation than a UL WP/B jacket (with or without pit zips).