The problem I always found with wearing cycling jackets when off the bike was that you got cold when not riding, as (what I see as) a decent cycling waterproof will keep the worst of the rain out but is deliberately not made to keep you even slightly warm - you need a fleece or jumper underneath. If you don't, you are going to cook out.
With this in mind, the best one I ever bought isn't specifically a cycling jacket - it's made by The North Face. It isn't cut longer at the back like most cycling clothes, but is quite long all round. It is paper thin (if I ever crashed, I'm sure that would be the end of it) and has some nice (subtle) reflective piping on it - this has probably saved my life a couple of times. Bought it in a sale for £10, they normally cost £30-£40ish
Failing that, I have an Altura jacket which is quite good but flourescent yellow - at least your mates would find you in the pub. Problem is it really looks like a cycling jacket and as such it's cut quite tight, which limits your choice of clothes to wear underneath. It cost £29.99 last winter.
Of course, you don't have to spend that much. I bought an excellent cycling jacket from (believe it or not) LIDL for £8 in March. I think it's a bit too well insulated -getting "up on the cam" would quickly make you sweat, but the quality is OK and it is a fairly normal looking jacket. While I was there I also bought a wireless HRM/computer - for £15! Pot luck when they have things like that in though.
Let me know if you find something you like.