Rainshield O2 & Jackson-Gibbens jackets
I use the above 2 jackets for commuting year-round. Normally I use the J-G jacket which is waterproof with a cape back, pit zips, front vents, and a mesh liner if it is below 50 to 55. By adjusting the velcro wrist straps you can vary the amount of air coming in there also. It does flap with everything open, which could be annoying on a descent longer than I usually deal with. I've ridden in some pretty nasty storms and the only water that has come through was down the neck, it does not have a hood. Even with everything open, 60 is about the top temperature I will use it. They often have them on sale, they are solid yellow for good visibility, I've used mine for 4 years of almost daily commuting. http://www.jacksongibbens.com/
My warm weather rain jacket is the hooded version of the Rainshield O2. This is an amazing jacket. It has NO vents, but is not a sauna. It is a little shorter but still keeps me dry in heavy rain. It's biggest drawback is that it snags easily, definately not for the mountain bikers. I just use reflective tape to patch the snags. It flaps a lot. It comes in yellow (my favorite color) and is widely available from mail order places. For really warm weather use I have modified mine with a paper punch and put some underarm vents in as well.