I just came from an REI used gear sale. I scored a Novara Stratos cycling jacket, regularly $149, for $44.83. The return tag had it marked "wasn't breathable." I also picked up a pair of Sugoi Resistor booties, regularly $50, for $4.83. Their return tag said "was not waterproof."
I've previously owned two pairs of the Resistors, and I will admit that in a heavy downpour some water does get through, but they're very nice in a cold rain. As for the jacket, I've been wanting to try something like this, but I'm always skeptical of anything claiming to be both waterproof and breathable. I haven't been ready to shell out $100+ to find out where the line is, but for $45 I figured I'd give it a shot.