My winter jacket for the last 10 years has been Paramo. It is a 2 layer construction with a polyester windproof shell and a light fleece-like liner. In practice is is totally weather-proof under the worst conditions, eg heavy winter rain for hours on end. It dries very rapidly; I once entered a supermarket after 4hrs of rain riding. I left the shelter 20mins later bone dry.
You never get condensation or wet shoulders, it is fine to wear on dry days as a windproof. It is a bit too warm for riders who run hot and use it in low teens C. My cutoff temp is 16C/61F
You need to treat with Nikwax stuff about every 3-6months.
Paramo gear is std issue for mountain rescue, forest rangers and outdoor professionals. They make shorter multi-activity versions cut for cycling with some reflective bits. All jackets now have a permanent hood (for mountain marathon rules) and lots of vents. Mine had a detachable hood.