In reply to eirenutter:
I have a Mountain Hardwear Synchro jacket in Conduit. This looks like neoprene. I have found it great in minus stupid in Canada and wear it all the time except when it's really tipping it down. No hood. Which makes sense to me, as I have an NFace gore tex hard shell. The synchro is available with a hood, which would make it better for all round mountain use, but maybe less so for cragging and everyday use, as it doesn't look too "anorak of distinction"
As far as the material, I have no problems with it, reproofed every 6 months ish, more if excessive wet thrutching has taken place in it! If my tent was on fire, it would be the jacket I saved first.