water proof jacket for mtb

Last winter I bought a Pearl Izumi Instinct jacket. It's fully waterproof with taped seams, and has stretch waterproof panels at the sides. Also has pit zips for ventilation. I wore it with layers for most of the winter/spring on my bike and I've been quite happy with it, it's at least reasonably breathable for being waterproof and it's cut well (slim but with room for a bit of layering, and the sleeves don't ride up when you're in the drops. Oh, and the cuffs are designed to work well with gloves -- they adjust with velcro and can accomodate winter gloves with substantial cuffs). My only issue with it is a paucity of pockets. Just one zippered one in the back, I'd prefer to also have a chest pocket.

I think PI discontinued the Instinct jacket but has probably replaced it with something similar.

I also have a North Face Flight Series soft shell jacket that isn't strictly waterproof, but I've worn it in the rain and not gotten wet -- and it's more breathable and very stretchy and comfortable.