I work in the biz and the less expensive versions of PreCip do not have great performance. The more expensive versions are better but we do get the lower end jackets returned. All the ones in the $100 price point are fairly suspect- good for a drizzle but not for a downpour. Much better to get an end-of-season sale on Gore-Tex, since it is the only product that is actually guaranteed to keep you dry.
FWIW, the lifespan of a coat as determined by the manufacturers is of course determined by wear and how you treat it but is never more than 5 years.
I do recommend Cabela’s house brand of products. I actually work for a competitor but often buy their sale items. They are well made and the price point can’t be beat. Here’s a lovely Gore-Tex rain jacket on sale:
http://www.cabelas.com/product/Cabelas-Womens-Rainy-Riverreg-Parka-with-GORE-TEXreg-PacLitereg/1673223.uts?Ntk=AllProducts&searchPath=%2Fcatalog%2Fsearch%2F%3FN%3D5101101%26Ne%3D5101101%26Ntk%3DAllProducts%26Ntt%3Dgore%2Btex%26Ntx%3Dmode%2Bmatchallpartial%26WTz_l%3DHeader%3BSearch-All%2BProducts%26WTz_st%3DSearchRefinements%26form_state%3DsearchForm%26search%3Dgore%2Btex%26searchTypeByFilter%3DAllProducts%26x%3D0%26y%3D0&Ntt=gore+tex&WTz_l=Header%3BSearch-All+Products
