This jacket is exactly what I wanted, a 100% fairly lightweight raincoat that won't make me look silly either out and about or on the trail.  I could care less what I look like, but a good looking piece of equipment always adds that extra amount of comfort.

Haven't had a chance to use this, but based upon an inspection of workmanship, this appears to be a SOLID raincoat.  5 out of 5 stars (Now reduced to a weak 4/5 stars as coat prices during summer times actually makes it a bit more reasonable to get a solid nylon shell type raincoat vs. this slick coated type fabric....this however is guaranteed to be rainproof even in the heaviest downpours so this may still be preferable) based on the fact that this coat will do exactly what it is intended to, for a great price.

I'll have to update the performance after I take it with me hiking in a very wet mountain environment, but the material is almost like a slick seal-skin fabric.  I don't have any doubts it is truly 100% waterproof.

Breath-ability is solved with massive vents all over the coat, so only issue you may run into is if you wear this in a high wind environment, you may risk turning into a big parachute and get a little wet under your arms/on back.

The hood has a nice construction,w/ a mini visor to help drag rain away from your face as it drips down.  Similar to the style used on other Columbia brand jackets.

This jacket could possibly double as thermal gear while on the trail, but I'll be testing that out to see how that works out.  It isn't insulated but the rainproof material is a heavy weight.

Hopefully you find this in the size you want (it seems to be limited availability right now)  I'm 6'1'' with about a 42 jacket size, and the Large seems perfectly fine, not too snug...wasn't sure if I was tall enough for the Large-Tall version of the jacket but it wasn't available, but either way I'm happy w/ the fit.

*EDIT* Update 6/21/2010.
After finally using this jacket in several situations, I want to update some positives and negatives:

Positive: 1. It will keep you 100% dry when worn properly (button that fly!). It fits comfortably and wears well when compared to other raincoats of this price range.
2. I'm still happy with the construction, it will take in my opinion much more effort to rip/damage this jacket when compared to something like Dri-Ducks or a thin nylon water resistant raincoat.
3. The front pockets turned out to be very well used.

Negatives: 1. I'm not so sure I want to take this hiking with me, weight to me is not an issue, it's that the fabric is bulky and difficult to pack down, this would be a great jacket to take with you on a possible rainy cool day....emphasis on COOL!
2. It's a sweat suit in humid/hot weather.  The vents help, but they don't keep your arms from drenching in sweat.  This may actually be a very comfortable jacket in colder weather (I have not tried that yet) but it is downright miserable if you try to wear it in hot/humid weather (90+ degrees).

I'm still glad I bought this, and besides, who wears a rain-coat when it's not raining?

-------------ALTERNATIVE JACKETS-----------------
This Columbia Jacket "Columbia Men's Watertight Jacket" can be had for just a bit more $$, but it serves the same purpose of being "Waterproof".  It is waterproof though for an entirely different reason, it has a breathable fabric nylon-shell which is noticeably different when compared to the Shelter Cove Jacket.

Might want to keep in mind that when I purchased the shelter cove jacket, I just wanted a rain coat for the car/house and maybe for short day hikes.  Since the shelter cove jacket does not fit into my long-term outdoor "system" (it's not packable and has some weight although not much), I purchased 2 alternatives.  A Frogg-Togg packable rainsuit (which WILL keep you dry! but you look like a clown)  and now the Columbia Watertight Jacket.  Both of those are far superior in a packing situation and the latter Watertight jacket being much more everyday capable due to it's appearance and construction.