Yes exactly! Early on and until I came to realise that a breathable membrane was not so breathable, I was convinced the jacket must have had a leak for reasons already stated! I also remember being a little disappointed as I took the promotion of the technology at face value.
Whilst walking the West Highland Way in pretty much constant rain last year, I observed many wearing ponchos over packs etc.
These people appeared much drier underneath as presumably condensation and the plastic bag effect are reduced via increased airflow.
Have recently bought one but yet to try it in earnest.
Phil