Biking to work/around town mandates good gear in the wet monsoon summer and cold spring rains, so I did some research...
I bought a Marmot PreCip, Sierra Desg. Microlight and already owned a Moonstone shell. They were all 100% waterproof, with hoods, interior/ext zippered pockets, taped seems, stuff pockets, pit zips and bright colors (for increased visibility when bike-commuting).
The moonstone is awesome, but heavy. Great for winter/spring. The Precip has a really flattering cut - it looks awesome, which is rare in a rain coat - but velcro closures on the pockets get caught on EVERYTHING (gloves, hats, scarves, hair, etc). The Microlight wouldn't allow enough layering underneath while maintaining the right sleeve lengths (ie sizing up is a bad idea).
The venture was perfect. It's light, waterproof, breathable, has pit zips, zippered pockets, bright colors, is comfortable next to skin, fits over my down coat AND stuffs in to its own pocket. Perfect for all seasons, stuffed in my backpack for just-in-case. Bought the pants too! Love them!!