+1. That's what I typically sport. Keeps you from sweating to death in warmer weather. For colder, I hesitate to spend $200 on a rain coat(but then I don't live on the coast either... where drizzle is king). Typically for colder, drizzly days, I wear a wool sweater under my wind breaker. If it starts to really pour, I reach in my bag for my poncho.

I have a good rain/shell jacket for hiking, but the breathability issue isn't as big a deal on the bike, as I find I'm only getting wet up front and can have big air vents all over the back to get perspiration vented off. For hiking, however, a solid, not cheap Gore-Tex performance shell is a huge comfort and durability factor.

My $100 hiking shell lasted me two years and never breathed well, and never kept me all that dry either. I picked up a jacket on sale that was originally $300, and I'm dry from outside, and reasonably dry inside as well.

Gave away the old illuminite jacket this morning. Kid loved it. Better than throwing it out, it still had some life in it.

I've got the Showers Pass Club and use it year-round when needed (Seattle). It's definitely not the most waterproof or breathable, but at $80 I don't mind. I like the Gore with the exception of their lack of ventilation. In my experience using spendy outdoor WP/B fabrics, none of them really work as hyped, so a back up ventilation system is needed.

I really wish someone would make a jacket with paclite (or equivalent fabric) on the front and shoulders with a highly breathable softshell material under the arms and on the back. I might pay $200 for that.

Check out the Endura Gridlock for foul weather and the Endura Rebound for a light windbreaker. I think they're well made products. All manufactured in Scotland, and relatively inexpensive. See them here.
And here.

Actually I don't think that they are still made in Scotland. I called them on a warranty issue, and while I had someone on the phone I asked where their products were made. They got really suspicious and asked who I was and just why I wanted to know such info! They flat refused to tell me where their products were made, and the pants I had weren't labeled with a country of origin.

As for the rainpants, the knees were made of out some stretchy material that when leaked when really soaked or I knelled in the snow. They also let a cold air in, making my knees extremely cold and painful in the winter.

Their customer service is also horrible on faulty products, and no one there could actually tell me if they made rainpants without a stretchy knee.