I have the Craft Mingo

http://www.teamestrogen.com/products.asp?pID=17474

I've warn it in damp, drizzle, fog on rides and it's good for that, on walks pouring and I get a bit wet.

It's not water proof but then I don't think I'd ride in weather it can't handle

Things I like about it: screaming loud bright obnoxious color pockets!! light, fits in a jersey pocket