Not to "rain" on their parade (heh), but the ability to pass water vapor effectively while also remaining hydrophobic for water droplets, and doing that for a long time on surfaces that are exposed to constant wear, is sort of the holy grail of the outdoor gear industry.
The company's page for their product (http://www.neverwet.com/product-characteristics.php) doesn't mention breathability. Considering that breathability would be a feature that would make them the next Gore-Tex, I'd expect them to trumpet it pretty loudly.
There are already pretty decent spray-on coatings for outerwear, they just don't last very long in the fabric and have to be re-applied after a few uses.
I used to work for Northern Mountain Supply back when they were a sort-of big deal.