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Yeah they're fine for rolling around in, but boiling hot if you put any effort in and they are very waterproof. Don't really see what they offer that a race cape, or a softshell doesn't though. Race cape will pack down (hardshell doesn't really) and is a bit more breathable. Softshell is loads more breathable, warm and has vents.
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i wouldn't want to ride anything other than tempo in it, but for touring/commuting and general pootling it's the best fully waterproof jacket I've ever had both in terms of style and performance.
There are very few times in a year when I find a Hardshell is the right tool for the job, but on those occasions when it is (heavy rain/sleet, howling gale, 2+ hour ride) there's nothing else which comes close.
Hardshells are shit anyway