If you're looking for something that's waterproof, and not just water repellent, then you can usually expect to pay a wee bit more. Here are a couple of options from Bontrager that I like (I have the commuting stormshell myself):

Bontrager: Commuting Stormshell (Model #09219)
Bontrager: Packable Stormshell (Model #09387)