My beloved BMW Airshell jacket has bit the dust, and I don't have $500 to spend, so I got myself one of these for Christmas:
http://www.motoport.com/product/challenger-ax-plus-jacket/I've only worn it in my living room, but it seems like a great buy. Lots of waterproof pockets, removable liner, armor in all the right places (back, chest, shoulders, arms), nice big zippers. It's cheap because it's made in China, and you can sort of feel it, but for a buck fifty, it's not shabby.
One caveat. I'm a big Motoport fan (I have a pair of their custom made pants that I love), but their customer service is pretty indifferent. There was kind of a long silence after they confirmed my order; when I finally emailed them it took them a couple of days to respond to tell me that my order had been shipped. But in the end I got the goods and they were as advertised.
Merry Christmas everybody!
