I just bought a Red Ledge windbreaker from one of the large outdoor stores here in NJ. This is a new company to me so I was apprehansive at first. But, wearing it in the pouring rain last week was all it took to convince me. It's very light and packable, yet totally waterproof. Apparently, this company developed their own breathable, waterproof fabric. All inside seams are taped to retein full waterproofness. It has a hood, is comfy, cut snugly so as not to get in the way of the bicycle, has decent breathability, and best of all, it only cost $39. A great bargain for a totally waterproof, packable jacket. The only short coming is I wish the hood stowed in a zippered compartment for when I ride the bike and don't need it.
Lenny