wax cotton jackets

Whats everyones opinions on wax cotton jackets? I know they´re kinda hip at the moment but then again so are cafe racers..
I need somethig waterproof to accompany my leathers, and that´s the traditional material. And I really like the look of aged wax cotton.
Already ride with an open face helmet so safety don´t seem to be too important to me.

I´m not made of money nor stupid, so I´m not buying a real barbour or belstaff, but you can get wax cotton for less than gore tex.

I have a waxed cotton jacket that I wear all the time (but not riding). It keeps out rain extremely well and it's a cheaper version (ie. not a Barbour or Belstaff). As you've said, they look even better with age.