I have a Rainbird jacket, and it has been really good. It was about $100, not to be confused with the cheaper $50 Rainbird jackets. The material is better, and it has that 3M reflective stuff on it. Must do a review on it sometime...The only problem I ever had with it was one day after work it took me ages to get the zip undone so I could get it out of its pouch..grrr...
I also have DriRider pants. They are quite good and have kept me dry.
You do get quite hot though with this stuff on, and I have found that it keeps wind out quite well, too. Really becomes an issue when it is pouring down and 30 deg.
But I do remember about a year ago, I got drenched on my way home from the city to t'ba. I didn't have any wet weather gear on at the start, and the ippy motorway was a carpark, but due to poor visibility, and not knowing where things were, it wasn't until the other side of Ippy that I finally got a chance to put my wets on. While I was stopped, I had to empty (literally!) my boots, and I stopped inside the servo for coffee and some thawing out...I was freezing. Once I got the wets on, I stopped getting any wetter and I actually felt warm(ish) for the rest of the miserable trip home. Ahh, the memories...