I also have never found a breathable rain jacket that didn't make me miserably warm and wet from my own sweat. I'd rather be wet and cool, so I never use anything waterproof or breathable. My current jacket is the best cycling jacket I've found, the Voler Jet in HiViz. It's adequately water repellent but lets a small amount of water through, enough to keep me cool and functional. It packs to the size of a Naval orange and easily fits in a jersey pocket.