And a breathable Goretex Poncho works better than a non breathable one.

BTW Goretex jackets don't have to cost $500. You can pick up a ex mil spec one in the UK for around $30-35 if you shop around.

http://www.strikeforcesupplies.co.uk/index.php?method=stock&id=6026&from=80

Even high spec Goretex jackets are available on sale for around $150.

http://www.outofthecity.co.uk/laksen-garcia-goretex-jacket-p-1140.html

There are of course other materials out there such as Event and Triple point Ceramic etc and a whole new range of high performance soft shells and fleeces. There is even the Buffalo System for cold weather use consisting a windproof pertex and water resistant thermopile fabric. Everyone will have their favourite system.

I will also sometimes also use the 'old school' British army wooley pully and Ventile jacket Combo (being very breathable warm, comfortable, wind resistant and quiet), but will also bring along a Goretex liner in the daysack just it case it really begins to pour with rain. The Ventile Jacket works very well for those cold windy crisp days in the mountains. The downside is the weight of the jacket though.