28 Feb 2010 Update:

I have had an additional year of experience biking through the winter in Wisconsin. Since January 2009, I had used the Yellowjacket Wind Jacket. It is a great jacket with pit zips, however, on cold, windy days, (temps below 20 Deg F) the fabric is too permeable and the wind goes through it. This winter, I became very chilled on a number of occasions. After that, I put back on the SP Elite jacket. Once I accepted that there would be some condensation, I was fine.

I have been using the SP Elite jacket the past 2 months and am pleased with its performance. I think the fact that I paid so much for it, I was expecting it to cure cancer. I tried TechWash, dressing lightly, pit zip position, etc to stop the condensation, but was not successful. However, now that I accept that there will be some condensation - it is not a problem.