Currently I commute in a Rukka Realer/Nivala Jacket - it's light, it's soft, it's comfortable, it's waterproof, it contains D30 armour for the shoulders, elbows, chest and back - designed in a way that you barely even notice they're there. It even came with a separate goose down thermal jacket as a liner.
It's frick'n awesome and is puritanical in its design - it cost £1200 and looks dull.

I do like the 1946 riders jacket that IH do though - perhaps it could be made from 25oz denim with leather raglan shoulders and padded elbows.
Like a biker version of the Melton Wool Varsity jacket, but tougher...