This jacket offers a lot of air flow without the liners, and keeps the wind out when they are installed. I've ridden in the Miami heat and nothing is going to keep you cool when you're sitting in traffic, but once you start moving the air comes rushing through. You can actually see through the jacket if you hold it up to the light. I've also ridden in 40 degree weather, and installing the liners with the addition of a light vest was plenty warm.
The armor feels adequate, but I hope I don't have to find out how well it works.
The jacket seems a bit large at first, but when you start riding, the sleeve length makes sense. The extra space in the sleeves and torso is necessary in order to accomodate the quilted and rain liners, and as I mentioned earlier, additional warm clothing when it gets cooler. There is enough adjustment available in the jacket to make up for the changes in configuration. Don't be in a hurry when you have to install the liners, it will take a few minutes to do it correctly.
A better jacket you will not find. I highly recommend it. Oh, one more thing, you will look super bad wearing it!