i second this. just got mine (the yellow one that's $5 more expensive) & it was pretty warm when i rode in 35 degree weather on monday morning with only a baselayer, jersey, and pullover inside. get the yellow ones for safety consideration. one other thing is that waterproof is a subjective term, but if you are willing to try, get the endura jackets they have at pbk. personally, i refuse to bike in rainy 40F weather as it gets freezing after an hour.

edit: waterproof is high subjective & those jackets are highly finicky. you can't wash them too many times and you have to keep them clean or else the clogged pores will trap sweat (the good thing is that your sweat won't cool your temperature as much as cold rainwater does).