I've recently become fascinated by jackets that fold into their own pockets. They're great for travel or just to have on hand while out and about town. The North Face Verto jacket is a great one that folds small enough to fit in your pocket. The material is very light weight, but durable. Don't expect it to resist rips from sharp objects just like any other light jacket. The black one looks a little like a trash bag, but most of the wrinkles smooth out enough to make this jacket look really good. The North Face sells this for $120 online, but you may get lucky at North Face Outlet Stores and find it for much cheaper.
The Eddie Bauer Sirocco Wind Shell is on sale now on their website for $39.95 and comes in nice colors for men and women.
Nike's Hurricane Vapor Jacket sells for $115 online and comes in 11 different color options. If you're near a Niketown, I've seen some colors marked down to $68. For women, Nike offers the Cyclone Vapor Jacket in 10 colors for $115.
All of these jackets are lightweight, water resistant, comfortable layers to have on when running in chilly weather or light rain and they of course fold and unfold nicely keeping you prepared for whatever the weather throws in your path.