These days we are spoilt for choice! Don't know whether you road ride or MTB. I have a Gore Paclite but whenever I fall off my MTB, it tears and have to send it away for repair at £25 a time!!
About 18 months ago I bought a Gore Windstopper Brooklyn jacket and although they do not claim that it is waterproof (due to seams not being taped), I am really impressed with it. I have used it in heavy rain/ sleet/hailstones and I have been completely dry and warm.
Some people do find it a bit warm though but I just use less layers. It does have pockets as well but the Paclite doesn't (more minimalist, as it packs up really small).
At the end of the day, I do believe you get what you pay for with waterproofs (I am a keen walker as well). If you are out regularly in bad weather, you need to be properly equipped.
Hope this helps!