I used my Precip for light backpacking, except for long trips or extreme weather. It was mostly relegated to around town wear. If you get a Precip, check everything over really well: pockets, zipper, and stitching. I also had a Marmot sleeping bag that came with a big rip where the sewing machine actually cut the stitch line. It was hard to get a replacement from them. Unfortunately, I did not buy it from REI. I don't think it is as good as the Novara rain jacket for cycling.
My jacket is a Precip., one of the few times I used it for more than just around town wear. Actually this is the jacket that had its pocket sewn closed! It was new that weekend, and was replaced the day before for the one that was delaminating at REI on the way to the trailhead. I got this one replaced on the way home. I'm not impressed with Marmot quality control.