I live in the Seattle area. I ride in the rain often. Here is what i wear:
Pants - Gortex or some type of water resistant pant that allows moisture to move to the outside away from you.
Jacket - Nasty cold...i wear a ski jacket (gortex) with a Sugoi visibility jacket over top. During warmer weather I wear a wind breaker under the Sugoi visibility jacket. If it is warmer, I wear just the Sugoi jacket. Usually the Sugoi jacket keeps all of the rain off of me and it is ventilated.
Hands - I usually wear gloves in all conditions except warm weather.
Helmet - I have a stretch reflective helmet cover that keeps my head dry.
Eyes - Goggles made by Kroop keep my glasses dry and my eyes free of debris.
Bike - All of the bags on my bike are resistant to water and the bike has fenders and a fairing. The fairing keeps my feet, legs and upper body dry. I have a recumbent, so the fairing covers a large area. Personally I go riding in the wet weather without waterproof pants unless it really rains hard. Hard ran travels down my arms and drips onto my legs when it rains hard.