I've had mine for about eight years and it's still in good shape and does the job when called on.  I wear it about a quarter of the time when it's raining.

You're basically looking at a parka hood versus the hat.  The hat gives you good vision but provides no air management.  The hood is the opposite.

The hat will have you sweating above 50 degrees, negating the rain it keeps off, although that wouldn't be a problem if you're just standing around waiting for a bus, say.  It also blows around in the wind, which by itself is annoying, but also doesn't do much to keep you dry and warm in driving rain.  You will definitely loose this hat if you don't keep the neck strap tight in windy weather.

Contrast that with a hood on your rain parka or sweatshirt hoodie.  That's always handy, and you never have to stick a wet hood in your otherwise dry pocket.  With the hood you get good air management, that is, it keeps the wind off of you and lets moist air circulate.  The downside is a restricted view and muted sounds, and if it's a man made material then it can be somewhat noisy.

So ja, the hat is fine and does a good job in the right conditions.  For me personally, those conditions are circa 32 to 55 temps and very low or no wind where I want peripheral vision to see what's going on around me.