For what its worth I have a Marmot Plasma 30, which is somewhat comparable, well we put them side by side and there are similarities.
http://marmot.com/products/plasma_30The outer fabric somewhat similar on both and they certainly doesn't give the impression of super water proof or super rip proof - the price of being light weight.
I had mine on the 10 day Eldon trip and it got damp on the outside from condensation and the fact that it was miserably wet for a couple of days.
The water didn't penetrate into the down or affect the bags performance, like I have had happen with an old Fairy Down sleeping bag where a wiff of moisture and the down was all clumped together.
It fact I was quite impressed with how dry it managed to stay despite the wet environment.
I think Stu is being a bit over concerned about the potential water issue - its a pretty good bag... (He just seems like buying gear online and selling it the next week, I think he might have a problem he should see someone about
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I came very close to buying one. I think in the light weight stakes either bag is hard to beat for the warm to weight ratio.