My vote has to go to a jacket that I'd actually buy, as opposed to what I would like to have. I have a J&G rain jacket. $100, and I've worn mine a lot for 3 years now and it still doesn't have a single sign of wear, and I have no complaints about it.

I don't doubt that a $200 jacket might be better in some way, but knowing how satisfied I am with a $100 jacket, I'm unlikely to spend twice as much, because I don't think I can be twice as satisfied.