My boots are still pretty new and the leather is in great shape and I've nikwaxed em, so they are plenty waterproof. The leather has gotten damp a couple of times and on one overnight trip they froze pretty stiff which was a pain in the morning. I've certainly never had large amounts of water in them.
I don't think they are very breathable, but then again, I don't think any winter mountaineering boot is.
I'm totally satisfied with the boots and if Sportivas fit you, I'd consider getting em especially if you can find a good deal on them. $430 retail is crazy!