As long as you have a good insulating layer, it works really well. It is an excellent windbreaker, and obviously waterproof. If you don't want to carry a softshell also, this is the way to go. I used the Chigach and SD jacket all season. Either way you are going to need some rain gear, so if you only have one jacket to buy I'd get the Chugach.
I also like the guide coat too, but it just is not required when you have Chugach and something to layer with. I don't pack it on long trips, but like to wear it on day trips when I'm pretty confident it won't rain. I have the Yukon gear too, but only bust it out in the nastiest of weather when wearing rain gear all day long is a given.