"I'm reading that air permeability isn't exactly an indicator of how breathable a jacket is… Any thoughts on this?"
Well, actually, it's simple. Based on the MVTR-claims, you would think this jacket is super-breathable. However, combined with the AP, we see in fact it is not so super as we originally were believed to think. The AP is thus a usefull indicator, but their is simply more then that. E.g. design. A while ago, somebody wrote that in fact his jacket made from less-breathable fabric with a lower AP but with vents felt more comfortable then his eVent jacket without vents.
AP tells you something about the fabric only, not about the whole jacket or so. So, the WPB Cuben-jacket is standard perhaps not so breathable as we were meant to believe. But for an extra 25 $, one could get that jacket with vents and that could be an important option.