Check out the O2 rain jacket:
http://www.amazon.com/gp/aw/d/B001KU4TMY
It's terribly unstylish, but very light, more breathable than anything I've tried before (though I've never had an eVent jacket), and very cheap.
I personally don't worry about covering my legs unless it's less than 50F or I'm on a crazy extended decent, my legs just don't get cold when I'm riding and your uncovered legs will dry very quickly.
Feet are a little more difficult. I've tried waterproof socks, but the sweating is just too intense to make it worthwhile. I wear a very lightweight shoe and thin wool socks that will dry completely in a couple hours.
One piece of gear that intrigues me is a pair of waterproof chaps. That seems like the best compromise of breatability/weight/protection in chillier weather, but I have no experience with them.
http://www.rainlegs.com/en/home
For me, the rule of thumb with raingear is to go with the least I can get away with. Be good about checking the forecast, and duck under cover if it gets too intense. Trust your body's ability to dry itself when you're exercising strenuously. A wool baselayer can usually take care of the rest.