http://www.probikeki....php?code=C0605 plus a bargain for only £33.11 down from £46
If that jacket does all that PBK claim (waterproof, breathable and windproof) then it's an effing good jacket for that price. Bite their hands off.
But my own feeling is that I doubt it can do all of that. I'd love to be proven wrong (and perhaps moggsy can do just that!) but my understanding is that any material that can
effectively do it all is going to be somewhat more expensive.
The montane featherlite is a good packable windproof, good breathability but not what you'd call water
proof in prolonged or heavy rain. For me though, it does the job adequately. A genuine waterproof is normally going to be too warm for cycling, unless you're spending around/over the £100 mark (again imo).
At that £50-£60 range, I think you'll be having to find a balance of breathable and waterproof that works for you. And that depends on how energetic a cyclist you are, how much you ride in the pouring rain, and how you feel about getting wet! So that can be trial and error.
So if you tend to work up a sweat, and really need a genuine waterproof then I'd up that budget a look at eVent fabric jackets.
Wiggle do their own dhb one that gets good reviews but I personally can't comment, not having one.
For me, I rarely ride in pouring rain but should it happen, I just accept that I'll get wet (worse things in life can happen!) and equally accept the limitations of the Montane. It doesn't happen often enough, or bother me sufficiently, to buy anything more effective.