Some info: the Pulse was new to the market last year, and it's only ever been offered with the Pertex Shield+ fabric - the clearance selection currently on sale is almost certainly from the same stock as the initial release last spring. I'm also quite certain Campsaver has the weight spec listed incorrectly - Rab's own website and all the reviews I've ever seen for the Pulse have put it at closer to 7oz/200-210g. My Rab Kinetic jacket is practically the same jacket with a few extras (more/larger pockets, velcro cuffs, etc.), is a men's size medium and weighs 231g. Take out the extra features and a final weight of 200g-210g for the Pulse sounds perfectly reasonable to me.
As for the fabric - Pertex Shield+ is definitely more comfortable feeling on the skin versus the original Pertex Shield (the original stuff felt a bit like a plastic bag, the new stuff is slightly textured and feels like actual fabric - it's reminiscent of tissue paper, to be honest).
Rated at 20K/20K, the fabric is pretty much as waterproof as you're going to get, and breathability really isn't that far behind goretex/event.