If you live in So Cal where it doesn't rain very often and doesn't get very cold, check out the Showers Pass Double Century. It is much lighter and packs much smaller than their other jackets. So you could stow it in a bag or pack much easier to have ready on occasions when it rains.

I bought a Craft rain jacket last fall, for about 1/3 the price of a SP Elite. However, it is too warm if temperatures are above about 50 F, and it doesn't pack down very small. I probably should have bought something like the SP Double Century because I don't need a rain jacket very often, and lightness and compactability are very important for me.