If you tier out jacket options as good - better - best, the Smyth is a pretty true "better" across most characteristics.
From a waterproofing standpoint, Goretex 2 layer is more waterproof than 2.5 layer shells and 2 layer proprietary membranes, but less waterproof than most 3 layer membranes and Gore Pro/eVent. Fabric durability, a polyester plain weave will be more durable than knits, but less durable than a nylon weave, or other weaves like a twill. Taffeta lining protects the membrane really well for a 2 layer construction (and more durable than 2.5 but less so than 3, with the exception of Gore C-Knit). Breatheability's middle of the road, but fabric breathe is way less consequential than pit zips.
Most jackets with a similar construction range from $300-380 MSRP, so it's a pretty solid value, but only if it meets your needs.