$400?!
By the way, I did end up buying the Cyclical Event jacket for $40. MSRP $300 (used to be on bonktown a lot for $150)!
For $40, the jacket is an absolute steal and a complete must-buy. Waterproof, windproof, super light (folds up into a tiny ball), and pretty much all kinds of awesome. I've been wearing it while biking in chilly weather and have been completely comfortable temperature-wise. No chilliness during the ride, and no soaking in my own sweat after I get off the bike. My only gripe so far is that there are no front hand pockets, just a chest pocket and a big back pocket, bike jersey style.
As I mentioned before, the $40 price tag was because there were only two jackets left in stock, and it appears that the only places the jacket can be found anymore are ebay and geartrade.com. If you can find this jacket for under $50, I would definitely recommend getting one.
I do agree that the jacket is worth more than $100, but I am personally too cheap to pay that much for it.
It's probably worth it if you have the budget (and/or can find a cheap reseller).
Good luck finding it anywhere though . . .