In reply to alastairmac:
A mate has the Mountain Equipment Shakedry jacket from mountain running and has been out in some genuinely foul weather in it. He is really impressed with it and has used / abused it quite a bit, recently on the Spine race. (I think it was a collaboration with Ron Hill)
I have an Alpkit Gravitas which is really light and has a great hood but is otherwise not that good The fabric wets out almost instantly leading to lots of condensation build-up inside - I have soaked a midlayer like I never have before in a breathable waterproof. Alpkit originally told me this was due to the weight of the fabric before telling me to reproof it. I have done this but it is still very underwhelming in anything above a shower.
Shivering next to my mate bone-dry in his Shakedry jacket made me decide where my money will be spent next time!