First, you definitely get your money's worth. We absolutely love it honestly. We have had it up for a month and it has remained in tact and is standing tall!
Second, re: water resistant. I think the fabric itself is, but the way the top attaches, we have not been able to make it 100% gap free. Granted, we have not been out there when it's been raining, so I cannot completely attest to if water gets in or not.
It is beautiful and sturdy and really worth the money. We and our kids and friends have all enjoyed it