Rapha, nice but a bit pricey?

It does.

And the magnet loops that secure the front of the cape to the bike mean that your legs remain dry (if you have mudguards to stop your feet and cankles getting soaked).

It's pretty ace.

In 5 years, I've used it twice.

It's hardly lightweight and carryable, takes the space under the saddle where lights and camera go. And frankly unless it's torrential there's just no need for this. In light rain through to torrential it's just excessive.

My Gore waterproof I carried everywhere and used until it's basically failed and worn out. My Brooks cape is still as new, because it just never gets used.