I use the Sombrio Vapor.
Waterproofing is good, fairly light and flexible.
Can't comment on durability, but so far has survived minor spills without any damage.
It is on sale right now at hucknroll:
http://www.hucknroll.com/mountainbike/Sombrio-Vapor-Storm-Jacket-Mens/SOM0012M.html
Thanks for the heads-up on this Shoredad. I've lusted after the Vapor for over a year now, but couldn't justify the $250 + tax at my LBS (actually, Cove has it for $275 + tax, I was in there today).
Ordered one from HucknRoll on Monday, $109 no tax and free shipping. It arrived in Blaine this afternoon. I'll pick it up in the morning.
So I bought a jacket from a North Van company in Utah and saved myself nearly $200. I'd rather support local shops, but that price difference is just ridiculous.