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@dan
Value is relative I suppose. Technical clothing is usually expensive - if it's good and durable, it's worth it. I've paid £350 for a triple gore tex Ski jacket in the past - it lasted me 5 years.. was well worth the money.
They say that cycling is one of the most difficult activities to design technical garments for because of the extremes of temperature, the amount of exertion and need for waterproof but breathable fabrics. With that in mind - £400 for the best jacket seems about right (if it is in fact the best jacket)