Fellow PacNorthwesterner here.
Try, try, try to ride/commute year round, but...
Anyway, I've tried lots of gear and my experience is that no matter what you get you WILL get wet. The only question is how much.
I like the Performance neoprene (waterproof) tights. These are really good. $69 - retail. On top I wear a silk or UnderArmor base layer. Wool jersey and then a "waterproof" nylon jacket. If its really cold, I'll put on two nylon jackets, so I can strip one later.
I also wear a beanie under my helmet that goes over my ears. This is critical. I also like to wear my MTB helmet with visor when its rainy.
The problem I am still sorting out is shoe covers. I still haven't found a good warm/waterproof pair. Once my socks are wet and its chilly. The ride is over for me.
Fenders are key, as one sage already indicated. I also run a dual-beam Nitesun and two rear blinkies. One on the bike, one on me for my commute. My usual rain ride is my Ti MTB. So it just gets hosed off with WD-40 and tossed in the corner when I get home. Relube as needed, but the road grit seems to chew up parts faster.
I find rain riding no fun under the best conditions, but try to stick with it anyway.
-Z