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Having just looked at the ones you mentioned I can see where the money goes... tailoring.
The Demon jacket looked excellent, and was super comfortable when I tried it on. The pockets were great, and it was somewhere between a classic field jacket design and a classic cycling jacket. You could wear it 3-season off-bike and no-one would even guess how good it might be on-bike in foul weather.
But agree on the drawbacks, once wet they do get stiff and heavy.
Still... damn nice jacket. I'd put it in the same league as Engineered Garments and they don't even produce cycling wear, just incredibly well made pieces.
AIUI epic cotton's proofing should last for the life of the fabric, but it needs reactivating by tumble-drying. I've got an old Vulpine jacket and it's so-so; it's reasonably water-resistant but will wet through in heavy rain, and while it's as breathable as regular cotton I run hot and so will cook if it's not cold and I'm giving it any welly.
I'm not that taken by the Demon jacket; for the money you could get a replica Greenspot Nomad in double Ventile from Lancashire Pike, or Hilltrek will make you an updated version of the Greenspot for about £200 less. Unfortunately Ventile has the drawbacks of epic cotton at even higher cost: when it eventually wets through it gets stiff and heavy, and the breathability drops; it then takes ages to dry. Which isn't to say that I'd never consider getting one - just that it would be mainly as an about-town jacket, and would be unlikely to be worn on serious bike trips.