Yes, no, probably.
Yes it'sa PTFE membrane. I don't know how expensive it is per se, but the Lowe stuff will be pricy because they've opted to use it for their top-end technical jackets while the rest of the range will continue to use TP and TPC. In other words, they're trying to position it as a premium product.
Not sure how it compares with Paclite 3 on breathability though I guess that both Gore and eVENT have some sort of idea on that score.Hopefully we'll get an eVENT test garment next month and will have a better idea of how they stack up.
Will it 'take over' from Gore? Well, Gore-Tex has a huge reputation developed over a long period. If eVENT is as good as claimed, it'll build up a following for sure, whether it will ever rival Gore is harder to say. It's an awful big windmill if you get my jist.