Colin,
I use an Endura Event jacket and it's done a very very good job of keeping downpours out. For warmth I use an Ice Breaker merino wool baselayer and whatever else on top depending on how cold and how I'm feeling at the time.
If it's cold and dry I am never without my Pinarello winter jacket, which I picked up or half price in Italy when I was on holiday. Put it on top of the Ice Breaker, with a decent pair of (Specialised Radiant) gloves and a buff and I notice little cold and the best thing is I don't feel encumbered by a million layers. If it's wet and very cold then the event jacket goes on top.
Cycling Plus reviewed water proof jackets in December last year (copy was on my coffee table - so I thought I'd type some highlights for you) and their favourites were:
- PBK Neutron. About £60. "Lightweight, packable, slim-fit water-shedding shell at a superb price. 9/10" Gave it their Best Buy; whilst Editor's Choice was...
-
Altura Reflex Ergofit. About £109. "Top waterproofness and breathability; plus good features too. 9/10"
- Everything else got 8/10 or less except for a made to measure Bootex jacket at £200!
If you want to splash out on gear for commuting and what I think of as a winter coat as opposed to a jacket, have you checked out George Hincapie's range. I think it looks really good...
http://www.alwaysriding.co.uk/hincapie-g-coat-wool-jacket-596.html
http://www.hincapie.com/products/menswear/casual_wear/
Craig