Personally I own a nice heavy tweed Inverness Cape in charcoal grey. I love it. It keeps me extremely warm and covers everying.

Personally I prefer the wool cape even for rain and heavy wind. It's much heavier than the raincoat type to which you linked so there's no worry about the should cape fluttering around too much except in very stiff winds. And being wool, it acts as an excellent protector against the rain. I've worn it in downpours and even though the outside is damp once I make it inside (which is quite slowly because of my leg) I'm still quite warm and dry underneath.

Admittedly, it wasn't cheap. I paid almost $1000 for it, but it's among the best spent money with which I've ever had the privilige to part.