I never quite understood the rain jacket in warm weather on a bike thing. You sweat when you ride, and if your destination requires you to be dry, then chances are it requires you to be relatively sweat free also. So why bother with an extra piece of clothing? The cutoffs and jersey are fine by me (with a change of clothes in my bag).

I do, however, wear a rain jacket in cold weather.

Im more worried about my bike getting wet when it rains. I hate cleaning wet roadd grime off my bike. The crap just gets all through the chain.

Im such a whinger

have you ever worn one of those in anything more than a light shower? I have. Results: not waterproof in any way.

I have an REI house brand waterproof breathable jacket that I spent about $150 on.
it is really, really waterproof.
ZachS can attest to seeing me rock it in a serious downpour this spring and I always came up dry. (well, at least my top half)

it's got pit zips, a generally tailored cut, a butt flap, and a close-fitting hood with a short brim.
it was not sold in their cycling-specific section.

I'd post a link to it, but it's a women's jacket and the majority of you aren't women.

I just got the Carradice Duxpack poncho and chaps.