Yeah, I wouldn t kill yourself looking for something ultra waterproof. It s not the Amazon rainforest out here. The rain comes and goes, and rarely hits you with the torrential downpour that will soak through a typical backpack.
Don t go overboard with waterproofing��it adds cost without any real benefit. I keep all my electronics and clothing adequately protected from the Willamette Valley monsoons in a regular bicycling backpack. The type with a fold-over top are drier than the others (like the last two here http://www.rei.com/search?cat=8000 cat=4�� ) The problem with a heavily sealed pack is that it is harder to dry. Check out the possibilities at REI or any of the dozens of bicycle shops around town.