Jeff,
The Precip is a good jacket. I had three of them. The first one the liner started delaminating, the second the stitching in one of the pockets was screwed up, and the third was good for 5 years. Luckily I bought the first one at REI! I have a Patagonia now for everyday wear (Oregon Winters), but it is a little on the spendy side. But, sometimes you get what you pay for. It is just personal preference, but I prefer rain jackets without hoods for cycling. If you go with a hoodless jacket you might consider a helmet cove (J & G makes a good one) Rainpants are also a good investment.
I still wear my 14-year old Novara rain jacket for my around town riding. I used it 8 years for commuting. It has faded a little, and won't shed all day rains, but it still did better than our Showers Pass jackets.
You might check out the Novara Stratos on clearance at REI now. I have a Showers Pass Elite, and the Novara Stratos, and the REI jacket is as good or even better in some ways that the Showers Pass at a third the price. It has some nice features, like a drop down back, good fit, good vents, and good closures at the waist and cuffs.
I've also used one of Shower Pass's less expensive jacket, snd was not satisfied with it at all. The fit was not good, there was no way to snug sleeves or waist up to keep out cold air, and the breathable layer started delaminating in about 3 years. They offered me 20% off my next Showers Pass product purchase, which isn't going to happen. The same thing happened to my wife's Showers Pass Tourist Model, only it took about 5 years for her jacket's inner layer to delaminate.
https://www.rei.com/product/883098/n...ke-jacket-mens
I also agree with Skimaxpower about 3-layer fabrics. They are more durable, but they are more bulky, and more expensive.