I've got a 300g down jacket. Maybe you could carry a really light fleece as well for when you're actually hiking and use the down jacket at camp and as a pillow which is what I do as a 3 season practice.
I take 2 jackets - one is a lightweight waterproof breathable (Marmot Precip) and the other is a very lightweight (100g) waterproof and very breathable dri-ducks. This brand is no longer available and has been superseded by froggtoggs. This way I stay very dry when I hike as I wear the light one under the heavier one in serious rain. Our annual rainfall gets up to 12 meters per annum in some parts of Westland, New Zealand.
With the 2 jackets, not only am I protected against rain but it cuts down the effect from wind. I seldom need another layer on top of my base layer (Mountain Hardwear Transition top) if I'm wearing these 2 rain jackets. When camping out, the dri-ducks is particularly soft to use for lying on e.g. on top of my pack which is under my legs, or under my head along with other sundry items if I'm opting to use the down jacket inside my sleeping bag for extra warmth.
At $10 per jacket (?5 quid) I bought 5 of them...