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I was trying to make the opposite point. That even if (when) the waterproofing treatment is washed away the jersey still works brilliantly in terms of wind proofing and temperature regulation. I think it particularly suits those that aren't too skinny and run warm. That description fits me (5'11" and 70kg) and with the correct weight base layer it covers me from +2 to +15 degrees.
Yep, that about sums it up. In my experience though, it won't stay as waterproof for more than a few washes unless you're very careful. The good news is that even when soaked you will still be just the right temperature.