That's funny! When people around my work marvel at me riding my bike in the rain, I tell them I have the superpower of not being harmed by water. I even occasionally strip down and step under a flood of hot water on purpose!

Here in San Diego I don't have much rain to deal with. I like FB's garbage bag idea, it would go well with the plastic shopping bags I carry as emergency shoe-covers in case of surprise rain. Other than that, on rainy days I wear a cheap, sturdy raincoat that is basically solid plastic, not breathable at all, and leaves me almost as wet from sweat underneath as if I didn't have a coat.

One of these days I plan to buy a packable Ikea Knalla rain poncho, and I bet that will be awesome. If it would only ever rain around here...