I've been using my XL for a bit over a year now for rides in the cold and rain if it's cool enough. As maidenfan says, it's just about impossible to keep from getting damp, but it does a good job of stopping the cold wind and keeping rain out. Good ventilation on the front (two-way main zipper and pit zips). My only wish is to somehow get some ventilation in the back.

Oh, the collar is comfortable too. Some rain jackets feel like cold wet rubber on your neck, probably because they are. The fabric collar has a much nicer feel.