Got this for $25 from Whiskey Militia so I can't complain. Insulation is ok, but can't really do it's job given this jacket's features. Here's why:
1) Wrist cuffs are elastic, not gaters and not adjustable. I have small wrists and the cuffs themselves are big and the elastic (at least on mine) seems to gape, allowing the cold and snow inside of my jacket, not good.
2) No powder skirt (of course, none was advertised), and the waist on this thing is huge. Drafts and snow get up inside.
3) The hood itself doesn't allow for closing it tight around your face, more elements getting in.
The overall problem here (besides lack of features) is that the jacket is too damn big. The medium fits like I should be layered to shit underneath it, but why would you layer to shit when the jacket is insulated?!!
Lack of heavy water proofing and core venting are also detriments, but aren't advertised so I don't count off for them.
Why three stars then? Size down (maybe even two sizes) and it will serve it's purpose as long as It isn't too wet out.