If it is like the V1. The piece that the OP is ranting about is a the small cloth piece for the Velcro. While a little uncomfortable when it gets wet, I really don't think it stacks up to trashing the whole jacket.

Admittedly, it would have been a better design to place the Velcro on the sleeve and the more absorbent cloth piece on the strap.

Many rain jackets don't have a Velcro strap at the sleeve but this really isn't a very good option on a cycling jacket. No closure at all would mean water up your sleeve. An elastic cuff would mean no ventalion when it is needed.