I'm a long-time commuter, but recently I started a job where I ride between 4 or 5 locations a day and have to show up looking presentable. Everyone else I work with drives, but what fun is that?

I've experimented with different pant options. The standard nylon waterproof pants just don't cut it. They do the job, but they look terrible and I have water running off me everywhere when I come inside.

Other things I've tried:
-a nice pair of waterproof golf pants (by Foot Joy): these look better, but the elastic waist is still work of a frown
-using sturdy cotton pants treated with Nikwax Cotton Proof: this works ok for short bits of light drizzle, but really became uncomfortable and soaking wet after a few minutes of steady rain

Things I'm considering:
-wool has a better reputation than cotton in the wet. There are a number of wool cycling-specific pants out there, but they're expensive and I read that they have a tendency to get sort of baggy. And I have no idea how they'd actually perform in steady rain. Obviously they'd soak, but perhaps it would be better than wet cotton?
-pants made from Filson's tin cloth. Might work fairly well, but I suspect in the end it would all feel like wet cotton.

What have you all tried?