I own both bags....TerraLite and Sequoia GWS. I cannot speak to any comparisons of microfiber vs GWS in terms of water repellency (as in a rain exposure) because I've never gotten either of them into a rain. I did have my TerraLite on a caribou hunt where the weather turned awful with days of 100% humidity, clouds, torrential rains and wind. The inside of my tent developed big condensation and spray was flying everywhere. Eventually the TerraLite fabric absorbed enough moisture to feel objectively damp, and the bag lost some loft. I had to be careful to protect the bag from additional moisture. The very light fabric in the TerraLite is basically no barrier to moisture....my opinion.
The GWS fabric in my Sequoia is a champ in terms of repelling water and being durable. I would estimate the durability to be multitudes better than the TerraLite fabric and better than a Sequoia with microfiber. If exposed to water the GWS on my bag beads it up and generally stops penetration. Not waterproof but much more water-repellent than any other bag I've owned. For myself and my uses, I would replace my GWS Sequoia with the exact same bag....no consideration to weight.