These are very cheap at $35, and entirely waterproof. Or, at least, enough to keep you bone dry in the rain; you wouldn't want to capsize in them.
I haven't had them long enough to comment on breathability yet. It wasn't nearly as bad as I'd expected when I opened the package, but they'll definitely be less breathable than normal pants. There are no pockets, but there are two vents where the pockets would be.
I don't think a better jacket exists than this one:
It's pricey, though, and probably overkill in most places.
On the other hand, I find that with a wool base layer, and sometimes with a wool neck gaiter, too, I can be very comfortable in lesser gear.