Originally Posted by
Bacciagalupe
Basically, I'm looking for a breathable cycling rain jacket that can pack down small. Budget can go pretty high.
And yes, I know that no jacket will work 100%. I'll settle for 90%.

Castelli Gabba is the only rain jacket i've ever tried, that actually breathes. I came across it when reading an article about how all the pro cyclists used it, regardless of what sponsors they had. It keeps you totally dry, but is really cycling specific, and won't look good on you when off your bike. Price is also pretty steep.
Castelli Gabba 2 jacket review - Cycling Weekly
I've never tried the "bikesuit" but maybe it would be a good idea for touring in places like Norway or Ireland where it rains pretty much all the time
The Smart Products - BikeSuit