Rating: 5 / 5
As a down-adverse Ray-Way advocate, I find this jacket to be compressible, warm, and light - all it claims to be. I wore this jacket in _very_ brisk winds in Big Bend over Thanksgiving in temps of about 38 degrees. It kept me toasty warm and with no thoughts of adding my vest underneath which I never used on this trip.
I found the ability to close off all the openings - neck, sleeves, and waist - to work well and effectively to keep the wind out. I did note that the jacket is not completely windproof in the high gusts that I experienced, but consider this a tradeoff towards being of lighter weight.
Below about freezing, I would recommend a vest underneath, taking the comfort level to perhaps the low twenties - but this is speculation as I refuse to intentionally expose myself to such low temps. :-)
The zipper pockets are warm and large enough to carry gloves, balaclavas, etc with no problem.
I had no opportunity to test the DWR treatment on this trip, thank goodness.
All said, this is a good choice for the lightweight synthetic backpacker in moderately cold weather. It appears to make the best tradeoffs between performance, cost, and weight. It is not designed for use in heavy winter storm conditions where a heavy bombproof parka would be the gear of choice.