I use a goretex light jacket and a goretex overpant, and they do a fine job of keeping me dry inside and out. On my SWB without fairing, I have a bit of a problem keeping my shoes dry at the moment, because my overshoes are open at the bottom, so I use cheap plastic bags and let the SPD cleats pierce them, but I'm working on a better solution :-)

Good goretex is nice but costs a bundle unfortunately. And yes, there's bad goretex too. All sub-$150 goretex jackets I've tried before weren't waterproof in heavy rain. So the bottom line is, be prepared to crack your wallet wide open.