If you want packable and water-PROOF, it's hard to beat the Gore Wear Shakedry cycling jacket. I wanted one small enough that I'd never hesitate to bring it along during "monsoon" season, and it packs down smaller than my fist. I normally cheap out on such purchases, but I've regretted this one. Caveats: No hood, and no comfy liner, but that's how they get it so small.
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