Paul, being silnylon, it is very waterproof. However, I have found that when wearing it in prolonged heavy rain, water will obviously seep through the seams. This is no fault of the material, or of the craftsmanship, but it happens. So, if you want it totally waterproof, it needs to be sealed.
One other thing that does bother me a little with sil is that it becomes quite clingy once it gets good and wet. When wearing just a tshirt underneath it, the jacket will cling to my skin. Between this, and the sweat inside it, I can definitely tell I am wet from within. Also, if the weather is a bit cool, this makes it feel even cooler...
As for the hood, it is great. It fits me very well. It has adjustments on each side of the face, as well as one in the back of the hood. IMO, it is a great fitting hood, much like the rest of the jacket is for me. I am super happy with fit as far as this jacket is concerned.
However, keep in mind, this is silnylon, so you can throw out any speculation of this material being breathable... It just ain't gonna happen. I did opt for the pit zips, and I feel like it helps some, but when hiking heavy, you are going to sweat inside. So, if you were too hot in the Houdini, then this will likely be worse for you considering the Houdini will breathe at least a little.
Due to craftsmanship, price and customer service, I highly recommend Luke's jackets. However, considering it is made from silnylon, I think it helps for the potential customer to be aware of it's properties to begin with.
Hope this helps some.