Z - The stretchable version jackets are generally know as 'soft shells' and are DWR treated but not considered waterproof - more like repellent.  Make sure you read the label carefully/completely for the specs to be sure.  They wet out much faster and are good for light rain, but not a long or heavy one.  If you are looking for waterproof, better to stick with a 'hard shell', which most of what is discussed in this thread fits into.  Backpacker magazine Gear Guide, just out, has good data and reviews on the latest gear, not just jackets.  It's one of the best comprehensive reviews of manufacturer gear offerings - geared toward hikers, but full of good info on tons of stuff. 

pd