Marmot Whisperlite size M in black, all rolled up next to a 1L Nalgene
I bought this jacket for my girlfriend, who has mostly used it for travel, playing ultimate, and backpacking in wet weather. We live in Southern California, where you need a rain jacket to be minimalist, because you probably aren't going to even take it out of your pack.
This thing is unbelievably compact and thin, packing down to the size of a can of soup. That said, it is still pretty tough; it still looks perfect after a solid year of regular use. Because it's gore-tex, it is totally waterproof and beads rain effortlessly.
She told me that she noticed the difference in breathability right away (as compared to her old Precip). It definitely is contoured to the female form, and it seems like it fits her quite nicely - she is even able to layer a midweight down jacket under it (the Marmot Venus).
Overall, she seems pretty happy with the jacket, and I'd certainly recommend it for lightweight rain protection.
If you are looking into getting your first merino baselayer, this is the one. Merino wool is the best baselayer fiber, and Smartwool has been the top brand in wool for quite a while now. This stuff gets even more comfortable through repeated washings, is super durable, and resists stench like a champ.
The Lightweight is awesome for its versatility, it insulates and wicks so well that you can hike in it comfortably from the 40º's to the 70º's. This stuff is also great for climbing in, as it is more snag and abrasion resistant than the Microweight. The Midweight is much more specialized for cold temperatures.
Overall, this piece is a model of versatility. Wear it with a windshirt to extend its range. Could it be better? Only with thumbholes.