I've had mine around 5.5-6 months now, and have fished with it at least 3 times when it was raining hard. I keep paper towels in the waterproof pocket that have never gotten wet.
You are right about the water resistant part though. If you would drop it into the water, it would get the inside wet, but so far I have never had the inside get wet when it was raining. Now if the compartments are open, that is a different story. But I always take everything out of the bag and get it all good & dry when I get home after a day when it is raining. I have a habit of leaving the boxes open and all the lures get wet. I don't like to replace hooks when it isn't needed, so I make sure to let everything dryout before I close the boxes back up and put them back in the bag. I have never had anything in the pockets that I don't open get wet. Basically what I mean by "waterproof" is that if it is raining, you could set the bag outside in the rain, and the inside would stay dry. That is my experience though. Maybe because I am soak and wet anyway I just never noticed the inside of the bag being wet. :-/