"Waterproof" is the description that is often stretched a lot in advertising about breathable raingear. The Dri Duck and O2 line mentioned above is highly water resistant, not waterproof. If you do a lot of riding in light rain, or a little in heavy rain, you'll be soaked in either.

I have a set of Frogg Togg 'Road Toads' sent to me for evaluation. Due to their bulk, I found them unsuitable for cycle touring, but otherwise seemed acceptable. Would be much warmer than Dri Ducks or O2. A buddy wore a Road Toads jacket for a 2 week tour as a wind break. It never rained. He was not bulk concious.

The heavier Frogg Togg suits would offer more protection from rain and cold, and be much more durable. Their are pretty blousey and bulky. Their 'Horny Toad' line, $99, has heavy emphasis on being totally waterproof, and breathable. Being waterproof was not emphasized in the 'Tekk Toad' line.

All the waterproof and breathable stuff is pretty much just that as long as you're standing still or walking. Put it under stress, as in cycling, and much of it turns out to not be totally waterproof.

The Northface Venture suit, at $140, is totally waterproof, breathable, durable, light, functional, and very packable. Not warm.