I would love a nice water/wind proof vest with lots of pockets , I prefer a vest over a jacket , especially on days like today . It could rain or it could be drizzle all day , perfect vest weather .
In regards to the jersey you mention , I have hinted many a time to people I know in the clothing biz this is a untapped market , gimme a 3/4 jersey like this and a quality vest and some merina wool base layers and that,s my perfect outfit for 80% of the ugly months .
You could do a jersey with gore membrane front and back, pockets for stuff and water resistant sleeves. I think one issue people have with rain jackets not breathing well is that they have one in the pack, it starts to rain and they put that extra layer then wonder why they are sweating. If you had a garment you put on as you started the ride that wasn't clammy and kept the rain at bay you'd have that magic thing. The neoshell is close for me. It breaths kind of like a nylon wind shell and about as warm, but quite waterproof.
Vest http://ca.dakine.com/p/ski/technical-backpacks/heli-vest
I have a North Face version of this for lift skiing for the short hikes out of bounds. I don't know if these are waterproof enough or at all.
It's a difficult weather to dress for and for designers to come up with something. Especially because you get the Andrews of the world that sweat like a Gardena lawn sprinkler ( I am an Andrew) and others that are the opposite end of the fluid exudance spectrum.
Debate? Bikes are made for riding not pushing.