I have an Arc'teryx Beta AR. Fantastic jacket. I wouldn't go backpacking above tree line without it. I wouldn't wear it on a road bike, either, in pretty much any condition. A fat bike, maybe, if I were going in the snow with lots of stops planned. I can't even ski (XC) in my Beta AR, it just doesn't breathe enough for the exertion even at 15 F.

There are some good jackets for light rain in cool conditions. When it's hot and raining, any extra layer will make you sweat. Do you want to be wet from water coming from above, or from your sweat? If it's warm enough to make tea, I just wear a wool shirt and get wet.