The 686 Smarty 3 in 1 Compression Jacket is one of 686’s high end jackets. The Jacket offers pretty solid waterproofing and an extra layer underneath. In the $400 price range you don’t get as much waterproofing/breathability as other jackets can offer in this price range. 20k isn’t bad and I believe this is 3 layers so it means it should shield you from most of the elements.
The 4 way stretch material is nice but really doesn’t add anything to the waterproofing or breathability. The little vents in the front of the collar are helpful and the collar itself is large and covers a little more of your face than most articulating hood jackets. Still there are parts of your cheeks that are still exposed with this hood system.
The 15k breathability isn’t quite up to standard compared to Gore-Tex jackets and other tech out there that offers more than 20k breathability. Still for $400 you get an extra layer so you get a little more warmth from the extra layer than you would with most shells.