I have a J&G rain cape. It's a little on the short side for me (6' tall), but plenty big for my wife (5' 4"). I'm also on a road bike -- if I was sitting more upright, the cape would probably be long enough.

The edges flap around a bit, which can let some rain in. And the loops for your hands are really long, so the cape can blow off your hands entirely. But it never flies up in my face. I've worn it in winds gusting up to 40mph or so -- it wasn't exactly fun but I didn't feel like it was dangerous.

It keeps my upper legs pretty dry, but my lower legs get wet. Not a big problem if it's warm enough to wear shorts or roll my pants up to the knee.

That CycleChic rain cape looks a little unusual, in that it has holes for the hands to stick out. Most capes drape over your hands and the bars, which (if the cape is long enough) will keep your hands dry.

On the other hand, it does hang down around the legs more than a normal cape, which might block some spray from cars.