Lookng at David C's 2012 State of the Market report here the other night, it appeared that the RAB Pulse and Haglofs Ozo were the winners hands down. BUT, the Ozo is off the market, and the replacement zip jacket is well above $300.
Picked up a Pulse last year for well under $200 and while it is an excellent jacket, did not like the length that failed to completely cover my torso. Also, the DWR was OK, but did not scare the water away as some of the Patagonia treatments do. When rain drops can be smeared across the outer surface, it makes me nervous about what could happen after hours in the rain.
If and when I can find the new half pound Patagonia jacket at deep discount will buy if flush. In the meantime for backpacking, will continue to use the old half pound Patagonia Specter that has stood the test of time. The Pulse will go on day hikes, with its ability to stuff into a small pack pocket.
Eric B's recommendation of the REI eVent Kimtah sounds like a good one. While it's up around 12-14 oz, the comfort from the high breathability of eVent, the decent quality usually provided by REI, and the price all seem to fit your needs.