In reply to Stone Muppet:
> Does anyone here simply not carry one - i.e. because they reckon their Big Insulated Synthetic Jacket covers the bases for emergencies and is water resistant enough to keep you warm until you're off the mountain? And your bivi bag isn't waterproof anyway?
The question is, what's the probability of you getting down fast enough in bad weather to reach shelter before your insulation jacket becomes useless? Chances are that if you're having to descend in bad weather it's going to take you a lot longer than it normally would. Even the 'simple walk out' at the base of the abseil piste is going to be horrendous in the rain.
Then you have the 'how will I cope when I injure myself on that rushed descent in the wet?' aspect - your wet insulated jacket and damp everything else was fine whilst you were moving and generating heat, but now you're stopped with a sprained ankle in a gully with no phone signal after a long day burning all your energy...... I guess it boils down to 'how much will the extra weight slow me down and increase my risks' versus 'how much risk will be reduced by being able to stay dry'. That risk assessment will depend on the climber and the route.
I'm not an alpine climber, but a shell jacket is always in my bag in the alps on VFs and walks. I don't find the additional weight and packspace to hinder me, therefore my risks aren't increased and thus the additional risk reduction in the event of bad weather are worth it for me.