I bought this jacket http://www.rei.com/product/805102the weather started getting cooler in fall. So far I've worn it down to 19 degrees, with a thin merino wool base layer under it and I stay plenty warm. The arms tend to get a little sweaty sometimes, but the jacket does have zip off sleeves and a vent in the back. I am guessing I don't have the hang of cold weather dressing yet and tend to get too hot.
It's got a nice fleece lined neck for keeping my neck warm on the cold mornings.
I don't ride in the rain, so I can't tell you about that part.
Pretty sure I got the jacket for $60 at the local REI store.