http://t2.gstatic.com/images?q=tbn:A...wsiYCwshi0tKo= Got one of these Chinese-style rain capes, works well, only if fenders (mudguards in UK) are installed.

A couple years ago I bought the Campmor "Log House Designs bicycle cape" (currently unavailable, discontinued?). It was great for keeping me dry until the waterproof coating wore off and now the water just soaks right through (guess I shouldn't have tried washing it...but it was starting to smell musty).

Oh well, no regrets because when I bought it I wasn't sure I was sold on the whole cape idea, but now that I know that rain capes are the bees knees I just ordered the higher quality Carradice Pro Route from Dotbike:
http://www.dotbike.com/ProductsP8991.aspx
The total was only $56 even with overseas shipping...which is basically the same price as the J&G cape (after shipping), but I believe (hope) the waterproofing will be more durable on the Carradice.

Don't forget that American's don't pay VAT, so it's often cheaper to order these sorts of obscure items directly from Europe than to pay ripoff prices to niche importers like Peterwhite or Citybikes.coop or Velofred. Hate to call them out like that, but really these guys either need to negotiate better rates or stop price gouging their customers. http://www.sjscycles.co.uk and http://www.bike-components.de are also good sources for importing stuff at retail.

Etxe Ondo Gore-Tex rain jacket. Pricey but effective.

A jacket doesn't really serve the same function as a cape because a cape/poncho protects the entire body whereas a jacket only protects the upper body. It's the complimentary pants which make the jacket/pant solution such a hassle, whereas a cape is as easy to take on/off as just a jacket. Plus a cape allows for more ventilation than a jacket ever could.

Granted, capes do slow you down and take some practice to handle in high winds (which is why I mostly prefer to just get wet and wear clothes that dry quickly/don't sponge up water), but, if you want to wear a particular outfit and need an outer barrier to keep your clothes dry, capes can't be beat IMO.

Mind you nothing is going to keep you dry riding long distances in heavy rain, so anything intended to block the rain is useless if it isn't easy to deploy for short jaunts of <10 miles.

fine choice

I have used this same system for a year now. It folds up small enough to fit in the side pockets of my pannier when not in use and if it gets lost or rips beyond repair, I'm only out a few dollars. If your not 100% sure about a cape you might want to try this idea first that way you will not be out much money. Just make sure the poncho is large enough as some seem to be a little smaller than others. You can always modify this to meet your needs, I added reflective tape to mine since it is required by law here now to have a reflective "vest" at night now.

I stay dry with a trenchcoat and hat + fenders FWIW. Picked a nice one up at the thrift store for $10. :D

Rain capes look pretty neat though.

I've been really happy with the Campmor rain cape. If it is in the 80's or hotter I will just as soon let the rain cool me off as wear the cape and get hot and sweaty, but for any temp cooler, it seems to work just fine. I haven't had any issues with leaks.

Marc