I use the yellow rain jacket and pants from this place
http://www.rainshield.com/p_cycling.html
and consider them adequate. They cost $25 each at the LBS.

For a six-mile ride to work, they seem to keep me dry. I once wore them on a four-hour 30-mile ride where it rained constantly, and I got wet. I am not sure, however, if it was rain or perspiration.

Their disadvantage is that they are flimsy. They tear easily. The tears can be covered with yellow duct tape. When one looks dorky enough, every few years, one has to replace them.

The pants do not have zippers on the legs, so it is hard to put them on over shoes. Over boots or large athletic shoes, not possible at all.

I would like to find the ultimate rain gear, but these have worked for many years, so I can't really justify the expense of something more high-end.