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Depends on what riding you intend to do with it? The hooded rain jacket is great for commuting (in lycra or not) and versatile enough for casual use; the hood is really useful (cutaway at the side for better peripheral vision & a slight peak to keep the rain away from the eyes, designed to go under your helmet) BUT has a tab so you can roll it back when not using it (to prevent flappage). Though I wouldn't recommend it for hard road rides. However, if you want a waterproof purely for riding, get the Race Cape. It's excellent for a more packable, fast paced, lightweight, road riding option; it has a very aggressive cut which isn't ideal for casual riding/standing/walking.
May as well also mention the:
As that is extremely waterproof (apparently).
So many choices... it used to be "buy the softshell, you'll get wet after a while but you have a Gore Bike waterproof shell, right?" :)
Now it's, "We have lots of jackets, good luck choosing.".