For ventilation purposes there is a desiged-in gap between the ground/tent floor and where the silnylon stops. The gap is filled by the noseeum netting for bug protection. This is what makes it a tarpTENT and not just a tarp.
Now, there could, in a really hard or sideways rain, be a bit of splash through this noseeum.
When I say 'pitch creatively', I mean following Franco's (resident tarptent expert) suggestion of digging holes where the support pole meets the ground lower the wall and lessen the gap. (You kind of have to be able to visualize/own a Rainbow to understand how this would work, but it's pretty simple)
Decreasing this gap would prevent splash-thru but also decrease ventilation and increase potential condensation inside your tent(Imagine the inside of a car in winter/humid conditions. The reason you need a defogger in cars.)
However, unless the humidity/rain is just crazy, you won't get dripped on, unlesss your talking a pretty extended thunderstorm where the wind/rain would hit the tent walls hard enough to knock the condensation off. There will be condensation on the inside of the tent wall, which will only be a problem if you are brushing against it. Which in tents with the headroom of the Rainbow series shouldn't be a big problem.
Double wall tents with netting inners have the same issues with condensation. It's just that the netting inner creates separation between the condensation holding rain-fly and yourself, so you brush against the dry netting, not the damp rain fly. The separation can also aid ventilation, lessening condensation. The only way to truly mitigate condensation is to use a double inner wall tent, which is reserved for winter and car campers generally.
If you haven't used tarps or Tarptents before, this all sounds kind of scary/complicated, but it's not really at all. It might be a bit of a leap of faith, but it's one that pays off in the opinions of most here(if I may be so presumptuous)