I've had a grey, black, white with red highlights GS Dry jacket for a couple of months now down here in Sydney Australia and would say it's a great jacket.... unless you need an only jacket for a lot of hot tropical riding (such as Singapore).
The good -
I find it fantastically comfortable (I'm 5'11'', broad, 95kg, in a size 52). I leave the adjustments in the one 'setting' and it fits well, snug but not at all constricting.
It's usually BMW quality. I have had a few of their jackets over the years and never been disappointed except when I get the wrong size. My fault.
It sits well, the armour sits on my shoulders and elbows and does not feel at all loose and 'floaty'. Reassuring.
The collar does not ride up and rub my helmet around the back of my head. I find this in some jackets and it is very annoying.
On the two occasions I've been caught in the light rain I was dry. I carry a light rain jacket anyway as a precaution (Aside - I can't understand the appeal of internal removable rain liners, and so some degree thermal liners. I prefer a raincoat and warm layers I can use off the bike without the bike jacket shell).
The bad -
I find the vents quite ineffective... I rode home last night, about an hour at 5 degrees Celsius, and didn't even notice I had all the vents open. If they worked I would have frozen solid in the light shirt I was wearing underneath. Heated grips on the BMW F800GS help there.
On the plus side the corrugated liner used in the inside back section is great to aid circulation and stops too much sweat building up. I leave the gym sweaty and are fine by the time I get home on more temperate commute.
In cooler climates, say up to 20-25 Celsius, it'll do fine, up from there it'd be getting warm, over 30 degrees Celsius I would be tempted to leave it at home.
The front large pockets are not good for cold hands when standing around, being top-entry, and the pocket lining is annoying when you hands are wet, it grabs and feels like the packets are turning inside out. Other pockets are fine.
Small point - I tried swapping the back protectors between my BMW Venting Machine and the GS Dry and while they could be jammed in the pocket it was not a good fit. Shame, as if one back protector could be taken on a ride and swapped between jackets I could more easily carry a mesh jacket and the GS Dry on longer rides, swapping armour as weather required.
The ugly -
... not to me. ...and more importantly, not to my wife. Apparently the colours match the 30th Anniversary BMW colours. Go figure.
When I bought the Dry jacket I tried the new Rallye (sp?) and tossed it up. As an only jacked I would have got the Rallye but already owning a Venting Machine I thought I could afford to lose the ventilation and pick the jacket based on the weather. I'm happy with my decision.