So the H2NO has been put through it's paces a bunch of times this weekend (72 holes in the past 3 days) and most of that in the pour rain. So far, it does exactly what it says on the tin. It's entirely water proof, so if that's what you want, it doesn't get any better.
However, there are some downsides to be aware of though:
1: On the back, there's no slot for the bag strap to be held in. It might seem small, but it's CRAZY annoying that the bag strap just floats in the breeze. It's a PITA when trying to load it on a push cart and it keeps getting in the way of latches and such.
2: The rain cover is both functional and annoying. It's functional because no water is getting in. Period. Ever. So yay. The downside is that if you have it off and then it starts raining and you want to put it on, for-bloody-get about it if you're on a push cart. You'll never get the angle right and at the very least, you'll have to pull off every head cover to get it over the clubs. Also, unlike a lot of covers, it's only one zipper instead of two, which I can see the point of. However, the zipper does not come off entirely so you can open a flap like most and peel is back like a banana. Instead it goes almost, but not quite to the bottom then stops. Again, I get that it's to ensure a tight seal but I imagine that might annoy some people.