I've owned a SP Elite 2.0 for over a year now and used it for some really foul weather. Here's my observations:
1) Sizing: I wear a large in Pearl Izumi Gavia jacket, and the large SP Elite fit me fine. The sleeve length is perfect and there's room for layering. It's not a trim roadie cut, but not a baggy commuter cut like the venerable MEC microft jacket. My advice is to consider your layering need, then pick size. I can run LS wool shirt + vest under it down to -5 and be comfortable.
2) The Elite is worth the extra $$ just for those handy pockets. I used them all the time of keys, phone and cards.
3) The biggest knock again this jacket is that it won't pack as small as say a PI Zepphyr or similar lightweight jacket. If you want something to fit in a jersey pocket in case you get caught, this isn't it.
4) The pitzips work really well and it's a get design with the eVent. Headphone/iPod consideration was a nice touch.
Yes it's pricey, but it stands up to wear and tear and does what it's designed to do.