Here's something I almost bought several times, the Carradice Pro Route rain cape:

http://www.wallbike.com/carradice/ra...oute-rain-cape

Instead I got this 4 years ago with optional hood, the SP Touring Jacket. It was developed from the popular but discontinued Burley Rock Point jacket.

http://www.showerspass.com/catalog/m...touring-jacket

I have these weird pants called Rainlegs, they work pretty good for everything except extended hard rain, and you don't sweat your nads off in them since they cover only the tops and sides of legs and groin area. You can roll them up into a neat, compact belt in about a minute:

http://www.rainlegs.com/en/home

http://www.youtube.com/watch?v=YbR6o...layer_embedded