I've had my jacket for about 5000+ miles now and I have put it through a snow storm, rain, and sleet from sub 32 degree temps to 90 degrees or so. Its relatively water resistant (given the zippered air vents).
I love the jacket. The only thing I can say didnt hold up on it were the Buell patches on the sleeve. Other than that the jacket is great!
I have had mine for over two years now. Crash tested it at Road America a couple months after getting it. It totally protected me from road rash with minimal damage. That was with it opened up for summer use also, all vents open, front panels out.
I have used it nearly everyday when the temperature is above 50 degrees F. It is not water proof and does not have a neck collar. Since I do ATGATT even when it is above 90F, it has become my favorite for summer use.