Showers Pass prices aren't low, but their jacket is worth it for me. After all, my touring jacket only cost 3-4 tanks of gas -- I'll save that much before Christmas!
A few things I want in a cycling jacket include two-way zipper on the front; pit zips (absolutely necessary!); at least one front pocket, preferably zippered; decent lining (nothing feels worse than sweaty, cold rubber on your skin); and a neck that's stiff enough to be zip-able when needed, but not to poke your neck when it's not.