I have a vented waterproof jacket from bicycleclothing.com - I bought it last fall, wore it in the rain in the cold fall and winter, and as a windbreaker layer all winter. I love it. $99
http://www.bicycleclothing.com/Water...n-Jackets.html

In the summer I just get wet and love it. I need the jacket for when it's < 50*F and raining.

BTW if you are thinking of goretex, search around the forums. There's a fabric on the market by another manufacturer (which I can't remember) that is said to outperform goretex by a wide margin. Apparently Gore's licensing agreement stipulates that if you buy any fabric that competes with Goretex, they won't sell you Goretex anymore. Since the public only knows the word "Goretex" very few clothing manufacturers will take the chance of switching to another fabric even if it is better, because nobody will buy it.