@potsy
I spend a lot of time in the Cumbrian mountains plus other ranges whenever I can.
I've 4 waterproof jackets inc' megabucks Arcteryx and a couple of other expensive things from TNF and Berghaus.
But far and away my favourite jacket is this Patagonia Torrentshell:
http://www.patagonia.com/product/mens-torrentshell-waterproof-rain-jacket/83801.html
Costs around a ton and it has seen service in the local Fells, some foul days on the Cairngorm plateau as well as being subjected to serious abuse whilst shuffling up rock chimneys etc whilst scrambling.
It weighs a dozen or so ounces but is tough, it is brilliantly waterproof, has pit zips and disappears into it's tiny stuff sack (the inside of one pocket) that is about the size of a grapefruit.
The hood is superb, fits well, moves properly so as not to cause vision loss.
It is a bonkers brilliant jacket and is outstanding in all areas.
My go to jacket and it gets used very hard and even after three years it has heaps more life in it.
Of the dozen or so climbers/hillwalkers I know that are 'out there' I can think of 5 of them who have one of these and there's a couple of others with a similar offering from Marmot.
PS: not a fan of Paramo - too warm for me and to my mind just not suitable as an extreme foul weather garment. I had one years back and relegated it to a dog walking jacket. I hated the sodden feeling of the thing in heavy rain.