3 rainy, cool days in Vermont/NH in mid May. 3 mph up, 40 mph down. Running pants, couple of torso layers, all covered with Northface Venture rainsuit. Got a bit damp, but stayed warm. The Venture material breathes nicely. Hood covering the head, a major heatsink. First thing to go, even in rain, if overheating. Shoes covered with plastic bags, reinforced with duct tape. Gloves, wet but warm. Not a pretty sight, but a comfortable tourist.
Buddy had a Goretex outfit that may have been a bit more waterproof.
Actually, there is no such thing as breathable and waterproof. 'Waterproof' is an industry advertising stretch, meaning 98% waterproof.