I just bought a Canari Eclipse jacket from Nashbar; it'll be a few weeks before the weather here is cool enough for me to properly try it out, but I mention it because it's on sale right now for $35, if you happen to wear a small (38"-40" chest) or medium (40"-42").
http://www.nashbar.com/profile.cfm?c...All%20Products

I haven't seen a Performance Transformer Jacket first-hand, but it sounds like the Eclipse is comparable; it's light, it looks rain- and wind-proof, the sleeves zip off and there's a vent in the back (and more pockets than the Transformer -- two side and one back pocket, all zippered).