No issues with my equally cheap Highlander waterproof, that i bought in Perth two years ago.
I had to put it into use, walking around Oban last Wednesday, and it performed admirably for a coat costing so little.
I know its one of those rubbery coated inside, with taped seams affairs, associated with the cheap and cheerful jackets, but my jacket breathes particularly well.
It was pretty warm last Wednesday, with this annoying drizzle for most of the day, but there was no annoying condensation build up, you get with most of these cheap jackets.
The jacket may have cost peanuts, but it performs remarkably well for something costing so little