I have a PowerShield jacket from REI that I used last winter for commuting. It was wind proof and very water resistant but also did not breath real well. I found that with any temps above freezing it would become a sauna inside the jacket for myself. I do ride hard and sweat a significant amount so you may have better luck.
It still breaths much better than my cheap windproof jacket or most rain gear. It is also great as a top layer combined with a modest base layer for temps from freezing to the low teens. I'm sure you could layer for cycling in colder temps but I havn't had much of a chance to test it. Over all for cycling I would go with a more breathable jacket like an Ibex for winter and a more water proof jacket for rain. I can see why the jacket is well liked for hiking as it would be a good use for it.
Craig