If you've the time, you should try stuff on at a shop. Either a LBS, or an outdoor/camping store. I've used regular waterproof/breathable "hiking" outerwear, and although not cut specifically for cycling-they work well.

My current cycling jacket is a now discontinued REI model (?Randoneur jacket), which is cut well for cycling (short waist length, but with a long fold up "tail", longer sleeves, large pit zips+breathable fabric).There are a coupla REI stores in the Chicago area link to mapquest. The REI stores around here usually have a clearance rack of bike clothes (returns&discontinueds), allways worth a look & cheap.