Don't think rain pants. Think rain chaps. They're called Rainlegs.

http://www.amazon.com/RAINLEGS-CL130.../dp/B001SN8IV6



They are much cooler than rain pants, easier to get on, and work well. My rain kit is Rainlegs, a rain jacket(el cheapo from Performance), and waterproof booties. Truthfully, if it's warm, I won't wear a jacket at all. Riding in a rain jacket in warm Florida rain means sweating to death and getting wet anyway.

I do have a rain cape. It's OK, but I'm not as enthralled with the cape as others seem to be. That's mainly because it covers my headlight and I haven't found a way to move my DiNotte to the fork yet.