A couple years ago I bought the Campmor "Log House Designs bicycle cape" (currently unavailable, discontinued?). It was great for keeping me dry until the waterproof coating wore off and now the water just soaks right through (guess I shouldn't have tried washing it...but it was starting to smell musty).

Oh well, no regrets because when I bought it I wasn't sure I was sold on the whole cape idea, but now that I know that rain capes are the bees knees I just ordered the higher quality Carradice Pro Route from Dotbike:
http://www.dotbike.com/ProductsP8991.aspx
The total was only $56 even with overseas shipping...which is basically the same price as the J&G cape (after shipping), but I believe (hope) the waterproofing will be more durable on the Carradice.

Don't forget that American's don't pay VAT, so it's often cheaper to order these sorts of obscure items directly from Europe than to pay ripoff prices to niche importers like Peterwhite or Citybikes.coop or Velofred. Hate to call them out like that, but really these guys either need to negotiate better rates or stop price gouging their customers. http://www.sjscycles.co.uk and http://www.bike-components.de are also good sources for importing stuff at retail.