I have a rain cape by Cleverhood. It's called a Cleverlite ($80). It's lightweight (180g or 6.3 oz.), covers my drop bars and I can sit on it. I bought it more for commuting to work than touring. It certainly could be used for touring, but I'll probably still take a rain jacket that can double as a jacket for warmth as well. I would say it generally works well for light rain. Windy, hard rain, stormy maybe not so well.