The price at the store for the “Shower’s Pass” jackets was odd. I didn’t check exact model names, but there was a very small one at the price you have above and the reasonable sized ones were more ($130?).

The two bike shops I basically ended up rejecting; the options were generally either not breathable or $150 to $200. They also tended to be way to “bicycle” looking, in ways that seemed like I wouldn’t want to wear them off the bike.

I liked the options at the general outdoors store a lot better (Sonoma Outfitters). I liked the Marmot the best, partially because they’re a local company (headquarters in my city) but also the price and general features (packs small, breathable, venting, etc). There’s also a longer (slightly more expensive) version that might work better if you’ll be more bent over. And they make PreCip pants; I didn’t look to closely because my existing (3M type) pants are still holding up. I wear XL; not sure if I could actually pack it into a water bottle, but it’s close; I could certainly cram it into a bottle cage in a pinch. I wouldn’t be surprised if the medium or small size could be packed into a wide-mouthed water bottle.

Also worth mentioning were the Columbia Sportswear Co. jackets that seemed fairly comparable. Not sure which models I was looking at, but these two seem similar:
http://www.columbia.com/mens-jacket-shells/men-jackets-shells,default,sc.html?sz=1&start=6#
http://www.columbia.com/mens-jacket-shells/men-jackets-shells,default,sc.html?sz=1&start=7
Both are “waterproof breathable”. A little cheaper than the PreCip. The cheaper one is packable, the more expensive one has vents (on the side of the chest instead of in the pits like the PreCip)…. Both worth looking at.

I understand this is over the pricerange you’re talking about here…BUT…

Save your dimes, nickles and quarters and buy Mountain Equipment Co-Op’s Whoosh jacket. It. Is. Awesome.

http://www.mec.ca/Products/product_detail.jsp?PRODUCT%3C%3Eprd_id=845524442627271&FOLDER%3C%3Efolder_id=2534374302692343&bmUID=1257372095673

(I insist you must buy yellow though)

The rain pants that go with it are equally awesome.

I’ve been using mine over four seasons of commuting for the last 5 years…with two nasty falls. MEC makes GREAT gear. I never understood why Burley would design a bike jacket that is mostly black. YIKES!! I’m alllll about ‘be seen.’

anyhow…

http://www.rainshield.com/

I own both jacket and pants. Get the jacket if you need something cheap, light, and breathable but flimsy. Don’t get the pants as they will be good for only 1-2 uses.