I've not used a wet suit, however I just started using tri-shorts which are designed for all three segments of the race. They are a cross between riding shorts and swim jammers. Just a little padding that dries out quickly while on the bike and is comfortable to run in.
Mine came from Titan Wear at www.titanwear.com.
They are called "Titan Racing Short (unisex) w/ gripper legs"
I'm pleased with them and they are reasonably priced.
"A desk is a dangerous place from which to view the world." - John le Carre
"What we hope ever to do with ease we must learn first to do with diligence." - Samuel Johnson