Only had them for a short period of time so I can't attest to how well they hold up over time but they most certainly are not waterproof. Went on one ride in the rain and my hands were soaked within minutes do not get these if you're expecting them to keep you dry.
For the price you cannot beat this jacket - it will do 99% of what it needs to do. I've been riding with it for almost 2 years now.
The ventilation is unreal - literally I wear this thing in July in Houston and as long as I'm moving it's all good. It is very durable and I've had no problems with zippers, stitching, etc. The liner keeps me warm although I will say on cold cold days I wish it had a "flap" on the inside liner over the zipper because it does feel like some air leaks through that could be prevented. It's nothing a light wind breaker cant fix and I'm talking about days lower than 40F so not too many in H-town. The armor seems very durable. The only thing I wish it had is some plastic on the elbows and some frontal armor over the upper chest just for a little extra protection in case of a crash. It's a great fit also - I'm short - 5'4" with stockier build but not overweight (140 lb) and my small jacket fits me like a glove.