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Bought one recently - sod's law that we've had no real rain since.
Sizes up just about true - fairly snug fitting and generally cut nicely. The zip pull might be a bit small with cold and wet hands, but maybe that's a quibble. Packs down into a regular jersey pocket well.
My one concern is breathability. Despite some strong claims, it's proved to be a little clammy when using as an impromptu jacket for early mornings when I know its going to get warmer.
So yeah, not tried in the rain, but no qualms so far!
Has anyone got experience of the Carnac stuff from Planet X? Specifically this waterproof jacket.