Its not waterproof, it is basically what was called a "windshirt" back before the Dragonfly/Houdini. I think basically people came to the conclusion they could have the equivalent of the fleecy part as a separate layer with more versatility. I am still a big fan, and still use my red one around here now and then. Patagonia used to make something similar at the same time, but with pit zips. Marmot either still makes it or just discontinued it in the last year – haven't been following. I got a new vest version of the Driclime this year online for $30. Just guessing but I would consider selling it for about $40 plus/minus fudge factor.