Although not sold as waterproof, Gore's Windstopper Active Shell fabric is so water resistant you would need a sustained downpour to notice the difference.
Specialized have maximised on this and built a jacket that is extremely water resistant, yet very breathable and comfortably light to wear. Adding a peaked hood, velcro adjustable cuffs and elastic adjustable hem mean this is an extremely protective jacket too, sealing out all but the worst of the weather effectively. A roomy cut also means you can layer up underneath through the winter months. The hood is snug, too small to fit over a helmet by far but perfect for squeezing underneath with minimal adjustment.
An offset front zip adds a bit of pep to the styling, while a lovely microfleece collar feels luxurious when the collar is fastened high to seal out the wind. The whole is finished off with a drop mesh liner that means you can wear it even with short sleeves underneath without that clammy, sticky feeling of most shell garments. It adds weight and bulk, but is a nice touch.
All in all a roomy, stylish jacket that breathes fantastically well.