I'm impressed with the Arc'teryx Gamma soft shell jacket I bought for skiing. I can get by with a T-shirt underneath at 45ºF and a couple of good layers easily gets me down to zero. Stowability is a issue though and it doesn't have the drop tail to cover my butt crack when I'm on the bike.

I also own a Mountain Hardwear Epic Nylon Shell that I'm quite impressed with. Very stowable, pit zips, and the conduit material almost breathes too well. It doesn't have the same problem with coverage of certain posterior regions I don't like to leave "well ventilated".

Neither of these jackets feature bright colors or any reflective material for riding at night though.

I've been using a Descente Element jacket as my primary cycling shell layer for about four years. It's plenty windproof but likewise lacks the drop tail and will soak through in anything more than a light rain. It's wonderful for long road rides in less than perfect conditions, but it just doesn't cut it in continual rain or below 35ºF.

I finally picked up a Showers Pass Touring Jacket for the winter months when I have to commute after dark. The Yelling Yellow is so bright it's practically illuminated and although it doesn't breathe well enough for use above around 40ºF, it has worked well enough with a couple of layers to keep riding below 20ºF.