I went ahead and bought one. With Cabela's easy return policies, I figured it was at least worth a look. The size large I got, on my certified postal scale, weighs 17.5 oz. with the separate mesh stuff sack and all the tags still attached by small plastic ties.
No lightweight, by any means. But, not horrible either, when compared to something like a Precip or Torrentshell and taking into account price/performance comparison.
It's heavier than I'd like for backpacking, obviously, but it also looks to be of excellent construction and likely very good durability. Based on reviews of other PacLite shells, I'm going to guess it is fairly weatherproof and "somewhat" breathable.
For $50 I'm going to keep it. I'll carry it backpacking, too, until a killer deal on a good quality sub 10 oz. shell comes along. Combined with the GoLite Reed pants I picked up, I'll be into the rain gear about 23 oz and $100 for now.