These cagoules made by Northwerks look very nice, but I can't get myself to spring for one just yet. Maybe someday.
http://www.northwerks.com/

Somedays I think about sewing my own. Scroll to the bottom of the pattern page under the rain shed pattern section. I own the pattern but have yet to source fabric and spend the time to make one.
http://www.therainshed.com/