Wool, wool, wool. If I could afford it, everything in my cycling "closet" would be wool.
I do, however, have a killer Descente jacket I got for a great deal on bonktown last winter. And it does repel the rain pretty well. But breathability sucks. If I wear a good wool base layer, it usually isn't an issue, but the baselayer will be drenched because even with the built in ventilation, it just doesn't move air fast enough.
I need to hit some more thrift stores for wool sweaters. I hear about you guys finding killer merino wool stuff in thrift stores, but every time I go, it's usually no wool or old school scratchy wool.