I just bought a softshell http://www.freecountry.com/cgi-bin/freec/locate?fcyear=2008&act=1&cat=men&item=13-M9707 at Sam's Club. Yup, you heard right. It was $10, so I have extremely low expectations, but it seems like a very decent jacket. It has a hood that's big enough for a helmet, two handwarmer pockets and a chest pocket, and a pretty beefy zipper.
I just took it in the shower and sprayed it for a minute or so and it seems to shed water very well. I'm going to wash it with Nikwax and treat it with a good DWR.
The only bad thing is that it doesn't have any pit venting. As for its breathability, that's yet to be determined. But honestly - $10!?!?
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