As for a "problem," well, not that I'm aware of. It's one of the most highly regarded jackets out there - beautifully made and designed, and with XCR Gore-Tex for improved breathability at less weight. I think that some people might have a hard time with the idea that it doesn't have an integral hood; instead, the hood is attached or detached as one desires. I see this as a plus as I find hoods uniformly claustrophobia inducing and often poor-fitting. And of course, there's the price$420 for a jacket and hood is definitely at the high end. But if you're a user who demands the best, then I think the Pulsar, and its sister jacket, the longer-cut Quasar ($380 w/o hood) come close to justifying their steep entry ticket.
There's a lot going on in the waterproof/breathable category. One other jacket I recommend a look at: Marmot's Liquid Steel ($375), which should be hitting stores soon. Three-ply Gore XCR material, with some interesting design and construction features and about $50 less than what such a jacket would have gone for a year ago.