The pants are very comfy. They aren't too baggy for me and I'm 5'8 - 145lbs. I got the small size. Size 30 waist.
They are really worth the price (I bought them on sale too) however waterproof wise it is average. It's rating is 10,000 mm which Evo describes as: Rainproof and waterproof under light pressure - Light rain, average snow, light pressure.
If you aren't going in crazy conditions then you will be fine. If you are planning to go in a storm then you might want to get something a bit more waterproof.
For a reference I used them in Brian Head, Utah and Mammoth in Jan and March. The pants never became soaked or wet. At least not that I remembered.