I had store credit and a %20 off coupon, so I went ahead and bought myself a birthday puffy, and promptly took it on an overnight in indian peaks. The combination of breathability, stretch and warmth put this jacket in its own category.
I wasn't pushing to make high mileage, but instead I was focused on exploring and photographing a couple of hanging valleys off the beaten path. So, while the hiking was sometimes strenuous, it was very stop and go, and I was mainly above treeline–basically what this jacket is designed for. The hype around this jacket is real, I was genuinely surprised at how broad a weather and activity range I could use it in. The weather was highly variable my second day, and I literally kept this jacket on the whole time. It would start to drizzle, the wind would pick up or the sun would come out and I kept instinctively stopping for a layer change, but then I'd just laugh and keep going. What really surprised me is that I was perfectly comfortable stopped in breezy and drizzly conditions (in the high 40's) for an hour break, but I was also also comfortable for the three hour hike out (down) through pouring, near freezing rain wearing this jacket under my rain shell (a marmot essence, which I consider about as breathable as event). I didn't feel like I was overheating in the least, including some gnarly bushwacking.
You can certainly have more versatility for less weight, with a few ultralight pieces, and it seems like a lot of people on BPL favor that sort of system. But for the constantly changing conditions in the alpine, I think a simpler system with less layer changes makes more sense. Particularly for climbing and skiing, but also for certain types of alpine focused backpacking trips. For instance, I just came back from hiking the wind river high route in early september (wow) and I would have gladly traded my light down hoody for this. For that matter, I could have just brought this and my essence, and I would have saved a ton of time and faff with the constant layer changes.
So, yeah, I've got way to much to say about this jacket, but thats because it presents a different, and I think better, way of dressing for the mountains than I'm used to. This jacket will likely earn a place in my kit for all but mid summer trips, and even then I'll probably be tempted to take it. The stretch also makes for a very comfortable jacket for more dynamic movement with a pack on. Although the fit is not perfect for climbing, its the least restrictive jacket that I've worn. Rant over (for now).