I still use a Flotation Suit in winter and PVC Coated Water Proofs for really bad weather.
I had been looking at a Simms G4 Guide jacket, a top of the range fly fishing waterproof but it retails at around £400.00. One is paying for the brand and fly fishing extras such as zingers which are unnecessary when wearing a fly vest.
I didn’t want to give up on Gortex and started thinking back to what I wore some years ago when I did a lot of hill / mountain walking. I wore a light Gortex shell jacket made by Mountain Equipment, so I decided to buy the latest equivalent, the Morpheus jacket.
This type of jacket can be stuffed away in a rucksack or bag when the weather changes and can be worn in all seasons. The temperature just dictates what one wears underneath it, this is a ‘shell’ top layer jacket with no thermal lining etc.
The main quality is that this is mountain specification Gortex, which is hard wearing, allows good movement (perfect for fly / lure casting) and is 100% waterproof. Mountain weather conditions are worse than anything an angler can expect. This is as good or better than the Simms jacket but costs less than half the price.
Fishing tackle branded breathable waterproofs are often a waste of money, look at mountain walking kit first, the conditions Gortex was designed for.

Morpheus Jacket
Using the latest GORE-TEX Pro Shell technology to great effect, uncluttered functionality for mountaineers and hill walkers.
WEIGHT: 435g
SUMMARY:
Bound to become a favourite jacket for a wide variety of users. The Morpheus jacket is designed as a lightweight but full spec mountain walking and climbing jacket. The simple construction and new hard wearing, but light GORE-TEX fabrics make it our lightest jacket in it's class.
FEATURES & BENEFITS:
3-Layer GORE-TEX® Pro Shell Ascendor fabric gives great durability and breathability
Active cut provides exceptional freedom of movement
Full storm flap protected front zip.
Award winning Stealth hood with laminated wired peak and hidden one pull adjusters. Bonded fleece chin guard, improved fit around the neck and one pull volume adjuster. Moves with the head whether or not the user is wearing a helmet and provides total protection from the elements and maximum comfort
Narrow water resistant pocket zips offer increased weather protection
2 large pockets can be used whilst wearing a rucksack or harness
1 external map pocket with a water resistant zip and a fully taped pocket bag allows access to stored items without opening up the jacket to the elements
NEW dual hem shockcord system to prevent snagging
Drawcords at waist and hem are tethered and concealed
Adjust the cuff size perfectly to your wrist with the rubber cuff grabs
TRAIL Magazine (Independent review)
Lightweight Waterproof Jackets 'Best in Test'
Rated 5/5
November 2009
"A well proven jacket, the Mountain Equipment Morpheus boasts all the essentials for a hill walker wanting to travel reasonably light. Its made from GORE-TEX Proshell,so you get excellent condensation control. Better still you get a stormflap over the front zip to keep rain out in a downpour. Also the pockets are not mesh-lined and the body is longer than some too. This all means its easier to stay dry in this jacket than in some other lightweights. The three pockets on the chest all easily swallow a map and can all be accessed while wearing a rucksack belt so they can be used to warm the hands too. There’s also excellent freedom of movement in the sleeves which is ideal again for scrambling.The hood is one of the best around, with a particularly good peak, and better still it can be rolled down and secured at the collar when not required.”