Yes, Dodger, I do have a Ranier jacket. It definitely IS waterproof : ie: the outer of the jacket is waterproof, no need to put on a rain jacket. Nor does the outer get waterlogged because there is an inner waterproof/Gortex liner, which is how most jackets these days are constructed. The zip out liner is, as mentioned in a previous post, a very nice stand-alone jacket, with pockets etc, wind and shower proof.
I DO like the jacket because it's waterproof

(even in MASSIVE, ALL DAY storms!! Some of us are crazy, riding in weather like that!) however, I have some small concerns with fit, etc. The collar is FAR too high for me, and cuts into my oesophagus badly, to the extent that I always (except in wild rain) leave the zip undone about 6-8" and fold the sides underneath.
Another reason I like it is because of the "sand" colour, rather than boring old, and hot, black.
The venting system doesn't really work - for me - but it may be different for others. That said, I've worked out how to get heaps of air up the sleeves and around my body to cool me, by placing my hands in certain positions up on the hand guards.
The jacket is quite warm in cold weather, but - for me - it's a bit warm in hot weather, but I put up with it, because of it's waterproofness.
I also have the Escape pants [half leg zips]which go with the Ranier jacket. These, also, are waterproof and very comfortable, and I also have the HT2 (waterproof) pants [full leg zips], as well. Although they are each "overpants", I take out the quilted liner and wear them as normal riding pants. I like both, but will probably wear the Escapes RTW as they have a good cargo pocket, which the HT2s don't.
Overall, I've found FirstGear apparel to be quite good, and really waterproof, and I would recommend it.