Frogg Toggs 2-piece set; they keep the rain off me, breathe kinda okay, $50 for the set, and they reduce to the size of a couple loaves of French bread for storage.

I've looked at the Showers Pass stuff, and can't comment on the quality, because I can't afford it.

Had some cheap Walmart stuff several years ago that was decent, lasted more than two years for $30 and NEVER leaked through. (I've bulked up a bit since then....)