I have a Fulmer three season riding jacket. Mine was around $120 as well. I like the jacket and it has performed well so far. I was a little concerned about plastic zippers but they are big and thick and I've had no problems so far. The rest of the jacket is constructed well. I'm sure when it does finally die it will be the result of a zipper.
I've been riding in 100+ heat with it for a few weeks and the zipper airflow vents in front and back work great.
I thought I remembered that my tags said "waterproof" as well, but I can assure you mine wasn't. After riding home in a downpour I was soaked to the bone. Yes I had left the vents open, but water had even soaked through the sleeves.
Still a great jacket though and it looks great. I like how it isn't obvious that it is a "riding" jacket so it looks fine on or off the bike. For some reason that is important to my wife.
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May the road always curve in front of you.