REI Ultra light jacket...maybe?
I just went through a similar search. I debated between some of the "wind/water RESISTANT" jackets that pack into the size of a candybar, versus a SLIGHTLY bulkier "waterproof" jacket. Wish I could afford to get both.
It was a VERY close toss of the coin but I found the REI "ultra light" jacket on sale marked down from $130 to $60. That was too good to pass up. I just checked and noticed on REI.com they still have some of the larger sizes of that jacket on sale.
REI Ultra light is double layer, VERY waterproof and TOASTY. MODERATELY breathable, and does get a bit "slimey" inside under HEAVY exertion although it seems to work well with a polypro base layer. Long pit zips give it pretty good ventilation. I like the fact the hood is removable and its a more "ample" cut which doesn't make me look like the clothes are painted on me....I am past that age and physique.
It crunches down to pretty darn small, but at 13 ounces (with hood) its more for a small camelbak than a hip pocket.
At $65 it was an easy decision. At $130.....I might have ended up with something else. There are some VERY good options around $80-$100, especially if you are happy with a more breathable "water RESISTANT" material.
Check out some of the backpacking sources in addition to the usual biking sources. Consider if you want to deal with a non-removable hood on some of them. Some you can stow or remove the hood, others you end up with a drag chute. And the pit zips can be a very good feature to have.