I have a rain cape that I used to commute in Ireland but have not used it for touring. As at least one other person has pointed out, if there's wind they are a real problem since they turn into a giant sail. And there is a learning curve to manage the "hand grips" from inside without catching stuff up in your gloves. However, when it's pouring rain and cold but no wind, it is my preference over the rain pants and jacket. I found the same thing as everyone else: if you cover up enough to keep the rain out you will still be wet (with sweat) under your raincoat. The rain cape does not have this problem. One thing to note: if you run through a puddle so that you're getting splashed from beneath, it will not protect you from that. I have both and use whichever one is appropriate for the wind conditions on the day.