I bought this for two reasons: (a) light summer rain jacket; and (b) ultra-light weight jacket for winter ski touring.
Haven't been able to use it for summer hiking yet, but for winter ski touring is seems to fit the bill quite well as long as there are no serious climbs involved. For winter ski touring, this jacket combined with a wind/rain resistant softshell and lightweight down sweater seems to be the ideal combination.
The material is very light weight and not very abrasion resistant. If you understand the product's limitations, though, I think that it can serve quite well.
Cons: Things I would add to the jacket: 1. abrasion resistant material on the shoulders, 2. small forearm pocket (great for lip balm, or other small items).