I haven't had the opportunity to play with that model, but Extang is pretty at quality. The only exception I've found was the original RT cover, which they fixed six months after we ordered one. I wouldn't have any reservations about any of their products, they are a good company and good to deal with.
There is no such thing as water proof, even submarines leak. However, you'll get more water up from the weep holes and the tailgate than you will get down from the cover.
I have played with one. I think folding covers are a great alternative. The Solid Fold is well made. The only mild con is that it's not exactly low profile but that would not keep me from buying one.
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