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RainShield. It's the lightest, most waterproof, most breathable jacket you can get, and it costs $25. No joke. I've used them for years on backpacking and cycling trips.
Disadvantage: it rips easily, so not a good choice if you will be bushwhacking frequently. Think of them as disposable...I get 1-3 years out of mine, depending on how I treat them. Duct tape repairs work fine, though.
www.rainshield.com
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Along the lines of Paclite, there was a sub $200 price for an OR jacket in the backcountry.com catalog I got in the mail 2 weeks ago.