I just bought a J and G Taslan wind jacket. I haven't worn it in rain yet, but the claim is that "it repels light rain".

http://www.bicycleclothing.com/Wind-Jackets.html

It's got a place to attach a blinkie. It also bunches up into an attached pouch - great for touring. It's designed for cycling, and it seemed like a good buy for $50.