Cycle Jackets - waterproof or just windproof?

I'd certainly go for a waterproof one if you're planning on using it day to day.  If its for performance at the weekend or races, windproof and a back up might be adequate

I've bought both, as I live high up and on the coast it's often very windy and the windproof is fantastic. If the rain isn't too bad I don't bother with the waterproof jacket as i'm used to rain and would rather get a bit damp, and so stick with the windproof. I did wear the waterproof on the C2C though as when we were up high the rain was horrendous!! I sometimes wear both, so it's the best of both worlds. :)

I also live and cycle in a potentially wet part of the world in a rain forest, so I have a highly-reflective wind-proof jacket that is only rated as "water resistant" and I carry a very light-weight waterproof jacket in my backpack with vents under the armpits. It is slightly larger than I need so it can fit over my backpack and keep all my gear dry in the heaviest monsoons. Don't forget to pack a waterproof helmet cover too!